As ether (ETH) continues its record-setting rally, Cathie Wood's ARK Invest is making a bold bet on an ETH treasury play.

The asset manager purchased 4.4 million shares of Bitmine Immersion Technologies (BMNR) across its ETFs on Monday, according to trade disclosures, marking a $116 million investment into the .

ARK’s flagship Innovation ETF (ARKK) received the bulk of the allocation with nearly 2.9 million shares.

The move comes as Bitmine, helmed by Fundstrat’s Tom Lee, cements its position . The company has amassed over 300,000 ETH, worth more than $1 billion, and plans to stake up to 5% of Ethereum’s total supply.

It’s a pivot that’s drawn comparisons to MicroStrategy’s bitcoin strategy and ignited investor interest in ether as a balance-sheet asset.

Aside from the move into BMNR, ARK sold 218,986 shares of Coinbase (COIN) across its ETFs, a sale valued at $90.6 million. The crypto exchange had after the U.S. House passed sweeping legislation establishing a federal framework for stablecoins and digital assets.

ETH is currently trading above $3600, Ether is up nearly 44% in the last two weeks.

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