Cathie Wood’s ARK Invest ETFs (exchange-traded funds) poured millions of dollars into the cryptocurrency market on July 29, as the prices of digital assets drastically plunged. Wood is going all-in on Bitmine Immersion Technologies (BMNR), continuing to amass millions of shares of the Ethereum-focused company.
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ARK Invest funds also added to their holdings in the genomic diagnostics company Veracyte (VCYT), purchasing shares worth about $2.18 million. Moreover, Wood made a $5.84 million purchase of shares in real-estate tech company Zillow Group (ZG).
On the sell side, the ace hedge fund manager offloaded 36,275 shares of Joby Aviation (JOBY), as part of the continued reduction in its position in the aerial mobility company. ARK Invest also sold shares of fintech company Block (XYZ), dumping 18,843 shares for about $1.52 million.
Cathie Wood Buys the Dip in Bitmine Immersion
Wood has been accumulating shares of Bitmine, leveraging every dip in the stock price. BMNR stock was down 8.9% yesterday. The ARK Innovation ETF (ARKK) bought 323,186 shares of BitMine, while the ARK Next Generation Internet ETF (ARKW) purchased 104,244 shares, and the ARK Fintech Innovation ETF (ARKF) also bought 50,068 of BMNR stock. Together, the funds purchased 477,498 shares of Bitmine, valued at roughly $15 million. The purchase follows Wood’s nearly $20 million purchase of Bitmine Immersion stock on the previous day, when BMNR stock declined 11.8%.
Wood’s growing favor toward Bitmine may not be misplaced, as the company is rapidly increasing its Ethereum treasury, with its ETH holdings exceeding $2 billion. Notably, BitMine aims to acquire and stake 5% of Ethereum’s total supply. Yesterday, Bitmine’s board of directors also approved a new stock buyback plan of up to $1 billion. Renowned hedge fund manager Peter Thiel’s Founders Fund also has a 9.1% stake in BitMine as the company strategically shifted its focus from Bitcoin to Ethereum mining.
Currently, on TipRanks, only one analyst has given a Buy rating on BMNR stock, with a price target of $60, implying 87.5% upside potential from current levels. Year-to-date, BMNR stock has surged over 310%.
