Cathie Wood's stock moves have become a compass for retail and institutional investors alike. As the founder of ARK Invest, her bets on disruptive innovation are tracked with near-religious fervor, shaping market sentiment far beyond her portfolio. When Wood buys, Wall Street listens, and carefully.
Lately, Wood's gaze has locked on Bitmine Immersion Technologies (BMNR), a company focused on Ethereum (ETHUSD) mining and crypto treasury management, helping institutional investors navigate the blockchain world. That niche focus is exactly what has drawn Wood's attention.
Since July, ARK Invest has scooped up more than $300 million worth of BMNR, with a $15.6 million addition just this past week across the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
This steady accumulation -- starting with a more than $174 million stake on July 21 and followed by multiple purchases -- reflects Wood's conviction in Bitmine's growing crypto influence. With the company's $8 billion-plus in ETH holdings, Wood's bets underscore a strong faith in blockchain's disruptive potential, keeping investors sharply focused on every move.
Based in Las Vegas, Bitmine is a Bitcoin (BTCUSD) and Ethereum network company focused on long-term crypto accumulation, whether through its mining operations or capital-raising transactions. Valued at $7.9 billion by market capitalization, its business spans Bitcoin mining, advisory and mining services for companies seeking BTC-denominated revenues, and crypto consulting.
Bitmine also commands the world's largest ETH treasury. Within a few weeks, it achieved multiple milestones, reflecting its growing influence in ETH-focused crypto infrastructure and treasury management.
BTC mining companies have been reeling since the recent halving event, pushing many to explore pivots into industries like AI and data services. Bitmine, however, has doubled down on crypto. Its goal is to become the "Ethereum version" of Strategy (MSTR), amassing significant ETH holdings, staking them, and ultimately targeting control of 5% of all Ethereum.