Cathie Wood’s ARK Invest isn’t letting a little market dip stop them. They just invested another $15.6 million in BitMine, even though the company’s stock dropped almost 8% this week. This is a big deal, especially considering the current volatility in the stock and crypto markets.
ARK Invest’s Growing BitMine Stake
ARK Invest added to its BitMine holdings across three of its ETFs on August 27th. They bought a total of 339,113 shares, boosting their overall investment significantly. Despite this purchase, BitMine’s stock price still fell.
BitMine’s Ethereum Strategy Pays Off (So Far)
BitMine’s big move this summer – shifting its focus to Ethereum – has been a huge success. They now hold a whopping 1,714,000 ETH (worth around $8.2 billion!), making them the world’s largest corporate holder of Ethereum. This, along with other investments, has led to a massive increase in their stock price – over 400% year-to-date! Even billionaire Peter Thiel has jumped on board, taking a 9% stake.
Massive Funding and Future Plans
BitMine recently significantly increased its fundraising goal from $2 billion to a staggering $24.5 billion. This cash injection will likely allow them to buy even more Ethereum. Analysts are bullish on Ethereum, predicting prices as high as $12,000 by the end of the year. If these predictions are correct, and BitMine continues to accumulate Ethereum, they could become a major player in the crypto world, potentially rivaling Michael Saylor’s Bitcoin strategy.
A Risky Bet?
While BitMine’s strategy is exciting, it’s not without risk. The recent stock price swings show how volatile these concentrated bets can be, even with billions in assets. It’s a high-stakes game.
