BitMine secures $182M from ARK Invest to buy Ethereum

BitMine has secured a major capital infusion from ARK Invest, which has acquired $182 million worth of BitMine equity across multiple ARK funds.

According to a July 22 statement, the deal involved 4.77 million shares purchased via a block trade linked to BitMine’s ongoing at-the-market program. The company stated it plans to deploy 100% of the $177 million in net proceeds to purchase Ethereum (ETH).

The move expands ARK Invest’s exposure to crypto-native stocks, aligning with CEO Cathie Wood’s prior investments in Bitcoin (BTC), artificial intelligence, and blockchain infrastructure companies. BitMine’s chairman, Tom Lee of Fundstrat, called Wood’s participation a validation of BitMine’s long-term ETH accumulation thesis. 

He also drew comparisons to ARK’s early involvement in Tesla and Circle (USDC) , framing the investment as part of a long-term “exponential opportunity” in Ethereum.

Over the last two months, BitMine’s Ethereum pivot has accelerated. The company raised $250 million in late June through a private placement led by MOZAYYX and involving Founders Fund, Pantera, Kraken, Galaxy Digital, and FalconX. The capital, which served as the foundation of BitMine’s updated treasury strategy, was fully allocated for the purchase and staking of Ethereum.

As of July 23, BitMine holds approximately 300,000 ETH, placing it second among corporate ETH holders globally, according to data from Strategic ETH Reserve. In total, 58 public companies now collectively hold around 1.87 million ETH worth $6.9 billion. 

Both Bitmine and SharpLink Gaming have overtaken the Ethereum Foundation to become the largest known holders, demonstrating the rapid rise of ETH-focused corporate treasuries. 

BitMine’s stated goal is to use capital markets, staking yields, and operating cash flows to accumulate and stake  5% of Ethereum’s entire supply, or about 6 million ETH. Although the company still generates revenue from its mining operations in energy-efficient areas of Trinidad and Texas, ETH is now the mainstay of its long-term strategy.

BitMine is betting on Ethereum’s foundational role in the future of finance, particularly its role in powering smart contracts, stablecoins, and decentralized finance applications. One of the main factors driving ETH demand, according to the firm, is U.S. Treasury Secretary Scott Bessent’s prediction that the stablecoin market could reach $2 trillion by 2028.