Cathie Wood Invest, led by prominent investor Cathie Wood, continues to increase its holdings in BitMine Immersion Technologies with a significant share purchase.
Purchase of BitMine Immersion Technologies Shares
Yesterday, Cathie Wood Invest acquired 339,113 shares of BitMine Immersion Technologies Inc (OTC: $BMNR) across three of its ETFs: ARK Fintech Innovation ETF (ARKF) — 40,553 shares, ARK Innovation ETF (ARKK) — 227,569 shares, and ARK Next Generation Internet ETF (ARKW) — 70,991 shares. The total investment amounted to approximately $16.94 million with the stock closing at $46.03, down 7.85% from the previous close of $49.95.
BitMine’s Strategy for Purchasing Ethereum
BitMine Immersion Technologies is actively accumulating Ethereum. In recent months, the company has acquired significant amounts of Ethereum, contributing to the rise in its share price. Currently, BitMine holds 1,713,899 ETH in its treasury, sustaining demand for the company’s stock.
Current Trends in the Ethereum Market and ETFs
At the time of writing, Ethereum is trading at $4,567.07. A price correction is observed, possibly due to profit-taking by stakers. Nevertheless, continued inflows into ETFs and institutional purchases are driving optimism in the market.
The strategy of consistent Ethereum purchases by BitMine is reshaping the market and boosting both ETH and its own shares. Cathie Wood Invest's presence in this process demonstrates growing confidence in this strategy.
