Cathie Wood buys $15 million of market's hottest tech stock
Cathie Wood's investment management firm ARK Invest acquired 477,498 shares of BitMine Immersion Technologies (NYSE: BMNR) worth $15.2 million on July 30.
ARK Innovation ETF (ARKK) bought 323,186 BMNR shares, ARK Next Generation Internet ETF (ARKW) bought 104,244 shares, and ARK Fintech Innovation ETF (ARKF) purchased 50,068 shares the last day.
On the other hand, ARKF sold $1.4 million worth of 18,843 shares of Jack Dorsey's Block, Inc. (NYSE: XYZ). The fintech firm offers several Bitcoin-focused products.
Wood's hot new pick Bitmine Immersion is the largest Ethereum treasury firm, holding 625,000 ETH worth $2.37 billion. It also holds 192 BTC worth $22 million. Wood earlier called her investment in the firm a "vote of confidence."
The crypto treasury firm's pivot from BTC to ETH as a treasury asset is noteworthy. Fundstrat's Tom Lee, who has joined as the Chairman of the Board of Directors, is very bullish on ETH. In fact, the firm aims to hit the target of acquiring 5% of ETH.At this point, it is tempting to compare the price trajectories of both the leading cryptocurrencies.
Over the last seven days, BTC fell 0.09% and ETH rose 3.18%.
Over the last month, BTC rose 9.8% and ETH rose 53.6%.
Over the last year, BTC rose 77% and ETH rose 13%.
What we can infer from the data above is that ETH's price uptick is significantly higher than that of BTC in the past few weeks. However, BTC is a clear winner on a 12-month timeframe.
However, the BMNR stock remained rather flat and closed at $32 even as the company announced a $1 billion stock repurchase program on July 29.
Cathie Wood buys $15 million of market's hottest tech stock first appeared on TheStreet on Jul 30, 2025
This story was originally reported by TheStreet on Jul 30, 2025, where it first appeared.
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