As Ether (ETH) continues its record-breaking rally, Cathie Wood's Ark Invest has made a bold bet on ETH Treasury's play.
Asset Manager purchased 4.4 million shares of Bitmine Immersion Technologies (BMNR) across the ETF on Monday, showing a $116 million investment in the Peter Thiel-backed Ethereum Treasury Firm, according to trade disclosures.
ARK's flagship innovation ETF (ARKK) received the majority of its allocation with approximately 2.9 million shares.
The move is at the helm of Fundstrat's Tom Lee, cementing its position as one of ETH's biggest corporate holders. The company plans to accumulate over 300,000 ETH, worth more than $1 billion, and wager up to 5% of Ethereum's total supply.
This is a pivot that compared to MicroStrategy's Bitcoin strategy, sparking investors' interest in Ether as a balance sheet asset.
Aside from the move to BMNR, ARK sold 218,986 shares (Coin) in the ETF. Crypto Exchange posted its all-time high of more than $437 after the US House of Representatives passed the Cleaning Act to establish a federal framework for stable rocks and digital assets.
According to data from Coindesk Markets, ETH is currently trading above $3,600. Ether has increased by nearly 44% over the past two weeks.
Read more: Tom Lee sees Ether hits $15,000, and Ethereum appears as Wall Street's favourite blockchain
