Cathie Wood loads up on Bitmine stock: should you too?
Main Idea
Cathie Wood's Ark Invest purchased $15 million in Bitmine stock, supporting its Ethereum treasury strategy, while the stock remains volatile and risky due to its correlation with Ethereum's price.
Key Points
1. Cathie Wood's Ark Invest bought $15 million worth of Bitmine shares, causing a 10% rally in BMNR stock.
2. Bitmine announced a $1 billion share buyback plan, which can boost earnings per share (EPS).
3. BMNR stock is trading at 8x its June lows but remains over 70% below its peak of $135.
4. Bitmine's new crypto-focused strategy is highly dependent on Ethereum's price, increasing risk.
5. Substantial selling after Bitmine's strategic pivot suggests profit-taking, adding to volatility.
Description
Bitmine Immersion Technologies Inc (BMNR) rallied more than 10% today following news that influential investor Cathie Wood trimmed her stake in Block Inc (XYZ) to load up on BMNR. The founder and chief executive of Ark Invest spend over $15 million on buying 477,498 Bitmine shares across three of her flagship exchange-traded funds (ETFs) on July 30 th . BMNR stock is currently trading at about 8x its price last month, but is still down well over 70% from its high of $135 after announcing a strat...
Latest News
- Japan overhauls crypto oversight as market grows to $2.66 trillion2025-07-31 16:09:46
- Bolivia and El Salvador sign crypto agreement to develop digital finance framework2025-07-31 16:09:18
- Crypto adoption surges among CFOs at billion-dollar firms, Deloitte survey shows2025-07-31 15:43:04
- This coin below $0.003 will transform a $400 portfolio into more than SOL or POL did in 20212025-07-31 15:12:11
- CryptoPunks’ floor price hits 2022 highs as weekly volume soars 416%2025-07-31 14:22:24