Cathie Wood's Ark Invest significantly increased its exposure to cryptocurrency-related equities on Wednesday, purchasing $10.56 million worth of shares in BitMine, the world's largest Ethereum treasury company. This acquisition was executed across three of Ark's exchange-traded funds and follows a $17 million purchase of BitMine shares made just two days earlier on Monday, bringing the total recent investment in the company to over $27.5 million.
Ark also expanded its portfolio with additional crypto stocks, buying $5.9 million worth of Coinbase shares and $8.85 million worth of Bullish shares on the same day. The investment firm is strategically accumulating these assets while they trade at notable discounts during a broader market downturn.
The purchased stocks have experienced significant declines recently. BitMine (ticker BMNR) slid 6.59% on Wednesday to close at $29.32, representing a drop of approximately 24% from its price just five days prior. Coinbase fell 3.33% to $244.19, down 8.78% over the past five trading days. Bullish dropped 1.89% to $42.15, declining 6.41% over the same five-day period.
This continued accumulation reflects the bullish long-term outlook of Ark Invest founder and CEO Cathie Wood, who has previously predicted a "real break" in inflation in the coming year. Her sentiment is echoed by BitMine Chairman Tom Lee, who maintains a positive view on the near-term future of cryptocurrency. Lee cited regulatory and legislative shifts in Washington, D.C., along with stronger institutional engagement, as reasons to believe "the best days for crypto" lie ahead.
Notably, BitMine has been consistently buying sizable amounts of Ether on a weekly basis, even amid the ongoing market downturn, signaling strong conviction in the underlying asset.
