ARK Invest plunged deeper into crypto-adjacent waters this week, deploying over $23.5 million across its flagship ETFs to snap up stakes in BitMine Immersion Technologies and Bullish—two companies that represent markedly different approaches to riding the digital asset wave.
The allocation breakdown reveals ARK’s methodical approach: $16 million flowing into BitMine (roughly 387,000 shares) and $7.5 million into Bullish (144,000 shares). The ARK Innovation ETF (ARKK) spearheaded both purchases, with the Next Generation Internet ETF (ARKW) and Fintech Innovation ETF (ARKF) contributing smaller but substantial positions.
BitMine’s story reads like a crypto treasury fever dream. The company recently acquired $65 million worth of Ethereum through six over-the-counter trades with Galaxy Digital, accumulating approximately 1.87 million ETH—a stash valued north of $8 billion that makes it Ethereum’s largest corporate holder.
BitMine’s $65 million Ethereum shopping spree created an $8 billion treasure chest, crowning it the largest corporate ETH hoarder.
This strategic hoarding comes as centralized exchanges have witnessed a 38% supply reduction since 2022, creating an artificial scarcity that BitMine appears keen to exploit. Notably, all of BitMine’s Ethereum acquisitions are funded with cash rather than leverage, providing a more conservative approach to building their digital asset treasury.
The numbers justify the enthusiasm: BitMine’s shares have rocketed 490% year-to-date, while the company reported a 67.5% revenue increase to $2.05 million and 43% net profit margin growth. Of course, when your primary business model involves accumulating appreciating digital assets, such metrics can prove somewhat… circular.
Bullish represents a more traditional exchange play, operating regulated cryptocurrency platforms across Hong Kong, Gibraltar, Singapore, and the UK while owning the CoinDesk media empire. Meanwhile, meme cryptocurrencies like Dogecoin continue to capture significant market attention with valuations reaching as high as $34 billion, demonstrating the diverse spectrum of digital asset investment opportunities.
The company’s 2025 IPO raised $1.1 billion after a failed 2021 SPAC merger attempt—because apparently even crypto companies occasionally choose the conventional path. Bullish shares surged 83.8% on their trading debut and gained another 6% following ARK’s investment announcement.
This crypto shopping spree aligns with ARK’s broader strategy shift, increasing Bitcoin allocation from 6.2% in 2023 to 19.4% in 2025.
The firm continues favoring indirect crypto exposure through publicly traded entities rather than direct digital asset purchases—a approach that provides regulatory comfort while maintaining upside participation in blockchain infrastructure and decentralized finance platforms.
