Cathie Wood is Betting Bullish on Ethereum: Sold Two Giants and Loaded Up on This Stock! - Coin Bulletin

ARK Invest, led by Cathie Wood, invested $116 million in Bitmine Immersion Technologies to increase its investment in Ethereum (ETH) by selling two significant stocks, including Coinbase.

In recent weeks, as the price of Ethereum has been rising, institutional investors’ interest is also shifting towards ETH-focused companies. World-renowned investor Cathie Wood has made a significant move in anticipation of a bull market, adding a total of 4.4 million shares from Bitmine Immersion Technologies to her portfolio. The total value of this investment has been announced to be approximately 116 million dollars.

ARK Invest has reduced its holdings in some key companies in its portfolio to execute this new investment move focused on Ethereum. Accordingly, the company generated approximately $90.6 million in revenue by selling 218,986 shares of the cryptocurrency exchange Coinbase from (COIN). Additionally, it is estimated that there has been another sale of a large stock in the portfolio whose name has not yet been disclosed.

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The new star of Ethereum is Bitmine

Bitmine Immersion Technologies is making a name for itself with its bold investments in the Ethereum space. Supported by Fundstrat founder Tom Lee and famous entrepreneur Peter Thiel, Bitmine currently holds over 300k ETH. The market value of this amount has surpassed 1 billion dollars. The company has also risen to a leading position among institutional Ethereum investments, aiming to stake approximately 5% of Ethereum’s total supply.

This step is interpreted as a clear indication that Ethereum has permanently entered corporate balance sheets and is now the second favorite cryptocurrency in the corporate world after Bitcoin. The price of Ethereum, meanwhile, is currently hovering above 3,600 dollars in light of all these developments.