Cathie Wood paid $22.8 million to acquire the popular new brand that originally appeared on TheStreet.
ARK Invest Ceo Cathie Wood seems to like her favorite cryptocurrency so much that she is willing to let go of her old favorites.
On July 28, the investment company once again bought shares of $22.8 million worth of 572,853-bit Bitmine Immersion Technologies (NYSE:BMNR). Ark bought $182 million in BMNR stock earlier, and Wood even said her investment in the company was a “vote of confidence.”
Fundstrat's Tom Lee recently joined Bitmine's board chairman, was very optimistic about Ethereum and set a goal for the company to stack 5% ETH.
Bitmine is the largest Ethereum Treasury company, which owns $625,000 in ETH and is worth $2.35 billion. On July 29, it announced a $1 billion stock buyback program.
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In pursuit of new cryptocurrency favorite acquisitions, Ark Investment abandons some old favorites. The investment company sold $6.9 million in Coinbase (NASDAQ:COIN) stock, $12.7 million in Robinhood Markets (NASDAQ:HOOD) stock and $15 million in Jack Dorsey's Block, Inc. (NYSE:XYZ) Stock.
Although Coinbase is the largest crypto exchange in the United States, Robinhood offers both stock and cryptocurrency trading. Jack Dorsey's Block, Inc., on the other hand, is a fintech company with a variety of products targeting Bitcoin. Wood's investment firm still has a large shareholding in all of these companies.
All stocks except Hood fell on July 28.
While Hood rose to $106.77, the coin fell nearly 4% to close at $379.49, while XYZ fell less than 1% to close at $80.57.
BMNR, stocks of timber have been stacking, down 15% to $35.11.
Cathie Wood Shells Out $22.8 million for hot novelty, first appeared on TheStreet on July 29, 2025
This story was first appeared on July 29, 2025 by TheStreet.