Ark Invest bought 240,507 BitMine shares, worth approximately $9 million, across three of its exchange-traded funds on Thursday as BMNR dropped 9.8% in another negative trading session amid broader digital asset treasury company weakness.

Of the total acquisition, the Cathie Wood-led investment firm bought 167,348 BitMine shares (6.3 million) for its Ark Innovation ETF (ARKK), 48,361 shares ($1.8 million) for its Ark Next Generation Internet ETF (ARKW), and 24,798 shares ($927,000) for its Ark Fintech Innovation ETF (ARKF).

Ark’s investment strategy aims to let no individual holding take up more than 10% of a fund’s portfolio. This is to maintain diversification within its funds — meaning Ark is likely to continue rebalancing its weightings if the value of BitMine shares rises or falls significantly relative to Ark’s other holdings in its funds.

According to the firm’s disclosures, BMNR is currently the thirteenth-largest holding within its ARKK fund, with a weighting of 2.3%, worth around $175 million, as of Nov. 7, behind other crypto-related stocks like Coinbase and Robinhood. BitMine is also the thirteenth-largest holding within its ARKW fund, with a weighting of 2.3% and a value of $52.3 million, and the fourteenth-largest holding within its ARKF fund, with a 2.4% weighting, worth around $27.4 million.

BitMine shares closed down 9.8% on Thursday at $37.37 and have lost 20.1% over the past five days and 42.5% in the last month alone, according to The Block’s BitMine price page. However, BMNR remains 769% up since BitMine embarked on its Ethereum treasury strategy at the end of June and is currently up 1% in pre-market trading on Friday, per TradingView. 

BMNR/USD price chart. Image: TradingView.

BMNR wasn’t the only crypto-related stock hit on Thursday, with Robinhood down 10.8%, Coinbase falling 7.5%, and Strategy dropping 7%. The largest public bitcoin miner, IREN, also fell 12.4%, Circle dropped 11.5% and rival Ethereum treasury firm SharpLink slumped 7.9%. Meanwhile, bitcoin fell 2.3% on Thursday, ether dropped 3.4%, and the GMCI 30, representing a selection of the top 30 cryptocurrencies, also slid 3.4%.

BitMine eyes 5% of Ethereum supply

Supported by institutional investors including Ark Invest’s Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera, Tom Lee-chaired BitMine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.

BitMine added another 82,353 ETH to its stockpile last week, taking its total holdings to nearly 3.4 million ETH — currently worth around $11.2 billion — as of Nov. 2.

BitMine is currently the largest Ethereum treasury holder, followed by Joe Lubin’s SharpLink and The Ether Machine, with approximately 859,400 ETH and 496,710 ETH, respectively, according to SER data. BitMine is also the second-largest public crypto treasury company overall, behind Michael Saylor’s Strategy, which holds 641,205 BTC ($65 billion) — equivalent to more than 3% of bitcoin’s total 21 million supply — following its latest acquisition announcement on Monday.

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