Cathie Wood is known for making bold bets on disruptive technologies. Her latest move is catching attention in the crypto world. Through Ark Invest’s flagship funds, she has been buying up shares of BitMine Immersion Technologies (BMNR), an under-the-radar company building an Ethereum (ETHUSD) treasury.

BitMine recently shifted its focus to Ethereum and has already built holdings worth more than $2 billion. The company’s goal is to acquire 5% of all ETH in circulation. Ark Invest has been adding millions of BitMine shares across its exchange-traded funds including its flagship Ark Innovation ETF (ARKK), showing its confidence in BMNR.

More News from Barchart

For investors watching Cathie Wood’s next big play, BitMine could be a unique opportunity in the growing Ethereum treasury market.

About BitMine Stock

Based in Las Vegas, BitMine Immersion Technologies is a tiny crypto firm that has suddenly grabbed headlines. The company started as a Bitcoin (BTCUSD) miner and focuses on the accumulation of crypto for long-term investment using mining and capital raises to build its holdings.

In mid-2025, BitMine announced a major pivot: a $250 million private stock placement at $4.50 per share to finance an “Ethereum treasury strategy.” Management says the proceeds will be used to buy Ethereum and make ETH the company’s primary treasury reserve asset.

Following the announcement, BitMine’s stock went on a meteoric run. In early July, shares briefly spiked over 3,000%, touching $161 at the peak as investors embraced the company’s bold Ethereum treasury pivot. Despite the rapid rise and sharp swings, the stock remains up roughly 385% year to date, underscoring the speculative buzz surrounding BitMine’s dramatic strategy shift.

Valuation wise, BMNR’s looks expensive at the moment. The price-sales ratio is 40.5x, considerably higher than the sector median of 3x, indicating a very expensive stock compared to its peers.

Cathie Wood Bets Big on Bitmine

In a recent move, Cathie Wood’s Ark Invest has been aggressively buying BitMine stock. Over several trading days in late July and early August, ARK funds accumulated hundreds of thousands of BMNR shares. CoinDesk reports that ARK’s Innovation and Next Gen Internet ETFs (ARKW) bought about 477,498 shares on July 30 alone, following 529,366 the day before, and then about 540,712 more shares on July 31, roughly $15 million to $17 million each day.