Cathie Wood's Ark Invest scoops up more BitMine shares at discount
Cathie Wood's Ark Invest bought more shares in BitMine, Coinbase, and Bullish on Wednesday, as its exchange-traded funds stock up on crypto equities that are extending a downward trend.
According to its trade filing, Ark Invest purchased $10.56 million worth of shares in BitMine, the world's largest Ethereum treasury company, across its three exchange-traded funds on Wednesday. This adds on top of the $17 million purchase of BitMine shares that Ark made on Monday.
Ark also bought $5.9 million worth of Coinbase shares and $8.85 million worth of Bullish on Wednesday.
The company is increasing exposure to these crypto stocks while they trade at a notable discount. BitMine (BMNR) slid 6.59% on Wednesday to close at $29.32, down about 24% from its price five days ago.
Coinbase fell 3.33% on Wednesday to $244.19, down 8.78% in the past five days. Bullish dropped 1.89% to $42.15, falling 6.41% over five days.
The continued accumulation of crypto equities appears to reflect the bullish outlook of Ark Invest founder and CEO Wood, who previously predicted a "real break" in inflation in the coming year.
BitMine Chairman Tom Lee shares his positive view on the near-term future of crypto. The company has been consistently buying sizable amounts of ether weekly, even amid the ongoing crypto market downturn. Citing regulatory and legislative shifts in Washington and stronger institutional engagement, Lee said "the best days for crypto" lie ahead.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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