Cathie Wood's Ark Invest Buys BitMine Shares Amid Ethereum Price Drop
Cathie Wood's Ark Invest Buys BitMine Shares Amid Ethereum Price Drop
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Cathie Wood's Ark Invest has acquired $9 million worth of shares in BitMine, a company noted for holding substantial Ethereum treasury assets. This investment occurs despite a recent 10% price drop for Ethereum.
Ark Invest Strengthens Position in Ethereum-Focused Firm
Ark Invest, led by prominent investor Cathie Wood, has reportedly invested $9 million in BitMine. BitMine is recognized as the largest Ethereum treasury company, holding approximately 3.4 million ETH, valued at $11.2 billion as of November 2. The strategic acquisition of shares comes at a time when Ethereum's price has experienced a 10% decline, potentially signaling a 'buy the dip' strategy or long-term confidence in assets tied to the Ethereum ecosystem by Ark Invest.