BitMine Immersion Technologies Inc. (BMNR) saw its shares surge 5.23% in pre-market trading on Thursday, building on the momentum from the previous day's impressive performance. The significant uptick comes as a result of two major factors: a substantial investment from Cathie Wood's ARK Invest and a broader rally in Ethereum-linked stocks.

ARK Invest has made a notable $15.3 million investment in BMNR, spread across multiple ETFs including ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW). This move involved the purchase of 477,498 BMNR shares, signaling strong institutional confidence in the company's Ethereum-focused strategy. BMNR recently announced that its Ethereum holdings have surpassed $2 billion, making it one of the largest institutional holders of the cryptocurrency with approximately 625,000 ETH coins.

The pre-market surge also aligns with a broader trend in Ethereum-linked stocks, which saw extended gains in after-hours trading following Ethereum's sharp V-shaped rebound. With BMNR's average buy-in cost for Ethereum at $3,755 and the current Ethereum price hovering around $3,810, the company is well-positioned to benefit from any further appreciation in the cryptocurrency's value. This strategic accumulation of Ethereum, coupled with ARK Invest's vote of confidence, appears to be driving investor optimism and contributing to BMNR's impressive pre-market performance.