Cathie Wood Makes $17M Bet on Tom Lee’s Ethereum Treasury, Ranks Bitcoin 'Leader' Amid $1.5M Prediction

Key Takeaways

• Cathie Wood’s steadfast purchased astir $17 cardinal worthy of Bitmine shares, which is portion of Tom Lee’s Ethereum treasury.

• Wood reaffirmed Bitcoin arsenic the “leader” among large cryptocurrencies.

• Analysts pass that Ethereum whitethorn spot further declines earlier a imaginable rebound.

ARK Invest laminitis Cathie Wood made a caller multi-million dollar stake connected Tom Lee-linked Ethereum treasury steadfast Bitmine Immersion Technologies connected Monday, adjacent arsenic the broader crypto marketplace continued to slide.

The acquisition came arsenic Wood reiterated that Bitcoin remains her top-ranked cryptocurrency alongside Ethereum and Solana.

Ark Invest purchased 550,404 shares of Bitmine Immersion Technologies crossed its ARKK, ARKW, and ARKF exchange-traded funds, according to regular commercialized disclosures.

The buying followed an 11.2% diminution successful Bitmine shares connected Monday, which closed astatine $30.95, valuing Ark’s acquisition astatine astir $17 million.

At the stock’s $30.95 closing price, the acquisition would person outgo astir $17 million.

Bitmine, associated with Fundstrat co-founder Lee, has positioned itself arsenic an Ethereum-focused treasury institution and has been aggressively accumulating ether connected a near-weekly basis.

Ark besides accrued vulnerability to different crypto-related firms, purchasing 64,946 shares of Coinbase, 143,579 shares of Circle Internet Group, and 122,360 shares of Bullish. All 3 stocks posted losses during the session.

Despite expanding vulnerability to Ethereum-linked strategies, Wood said that Bitcoin remains the starring cryptocurrency successful her view.

Asked to fertile Bitcoin, Ethereum, and Solana during a caller podcast appearance, Wood said Bitcoin is typically “the archetypal 1 to get sold and resistance the others down” during periods of marketplace stress.

She added, however, that she believes markets whitethorn beryllium approaching a bottom, arsenic adverse developments person mostly been absorbed.

Wood described Bitcoin arsenic “a precise large idea,” calling it a planetary monetary system, a technology, and a caller plus class.

She said it is “leading the complaint into a wholly caller plus class” and remains the superior introduction constituent for organization investors.

Ethereum, she said, is progressively becoming the level institutions are choosing arsenic they physique connected its layer-one blockchain and grow enactment done layer-two networks.

Wood characterized Ethereum arsenic much of an organization play, portion describing Solana arsenic much consumer-focused.

Wood besides precocious reiterated Ark Invest’s semipermanent bullish outlook for Bitcoin, saying caller adjustments to the firm’s valuation exemplary person not altered its top-end terms people of $1.5 million.