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Benzinga
Benzinga
Business
Akanksha Bakshi

Cathie Wood Joins Crypto Heavyweights In Backing BitMine's Ethereum Play

Cathie Wood's Ethereum Double-Down: Ark Bets $7.9 Million On ETH-Staking ETF Buy While Selling Coinbase At Highs

ARK Invest, led by Cathie Wood, has made a major equity investment in BitMine Immersion Technologies Inc. (AMEX:BMNR), acquiring nearly 4.8 million shares valued at $182 million across multiple ARK funds.

BitMine confirmed that the net proceeds of $177 million from this transaction will be used exclusively to buy Ethereum (ETH), as the firm pursues its goal of acquiring 5% of the circulating ETH supply.

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