Ark Invest buys $15.6 million in BitMine shares as stock tumbles

Cathie Wood's Ark Invest purchased additional BitMine Immersion shares worth $15.6 million on Wednesday across three of its exchange-traded funds, as the stock traded lower that day.

The company's daily trading filing shows that the ARK Innovation ETF (ARKK) acquired 227,569 BitMine shares, while the ARK Next Generation Internet ETF (ARKW) bought 70,991 shares of BitMine. The ARK Fintech innovation ETF (ARKF) also purchased 40,553 BitMine shares.

Ark's move to buy the stock came as BitMine, which trades under ticker BMNR, fell 7.85% to close at $46.03 on Wednesday. The stock dropped 11.58% over the past five days but remains up 534.9% year-to-date, according to Yahoo Finance data . The Nasdaq Composite rose 0.2%, and the Dow Jones Industrial Average gained 0.3%.

BitMine, an Ethereum treasury firm, said earlier this week that the total value of its treasury crypto and cash holdings has climbed to $8.82 billion, including 1.71 million ETH worth roughly $7.9 billion.

On Aug. 12, BitMine announced that it had filed with the Securities and Exchange Commission to expand its at-the-market equity program to $24.5 billion from $4.5 billion to fund more ETH purchases.