Cathie Wood Continues to Invest in Crypto Stocks Despite Market Downturn

Cathie Wood remains committed to investing in crypto stocks, even when the market isn’t performing well. She has stakes in several prominent crypto companies, including:

• Circle Internet Group (NYSE: CRCL), known for stablecoin issuance

• Coinbase Global (Nasdaq: COIN), the largest cryptocurrency exchange in the United States

• Robinhood Market (NASDAQ: HOOD), which offers crypto assets and tokenized stocks

Wood is recognized for her investments in disruptive technologies like digital assets and artificial intelligence. She’s even known to reassess her strategies from time to time. For instance, she recently adjusted her views on Bitcoin (BTC), suggesting that she believes stablecoins may take on roles she once thought BTC would fill.

Despite this change in perspective, Wood still has a positive outlook on her top choice, Ethereum (ETH). One notable investment is in Bitmine Immersion Technologies (NYSE: BMNR), a key player in the Ethereum financial landscape led by Wall Street figure Tom Lee.

On November 6, Wood’s firm, ARK Invest, revealed that it has increased its holdings in Bitmine. The company acquired 240,507 shares, worth about $9.2 million, spread across three different funds:

• ARK Innovation ETF (ARKK): 167,348 shares

• ARK Next Generation Internet ETF (ARKW): 48,361 shares

• ARK Fintech Innovation ETF (ARKF): 24,798 shares

ARK Invest made its first purchase of BMNR stock in July, which Wood described as a “vote of confidence” in EtherProxy.

Currently, Bitmine possesses 3.31 million ETH, valued at over $11 billion, aiming to control 5% of the total Ethereum supply. Notably, it’s the second-largest crypto asset, following Michael Saylor’s strategy (NASDAQ: MSTR).

BMNR stock declined by about 7% yesterday, closing at $37.37 but saw a slight increase today, trading at $38.94. Although the stock has struggled recently, losing 35% of its value in just a month, ARK’s latest acquisition indicates that Wood remains optimistic about the company’s future.