ARK Invest founder Cathie Wood made a fresh multi-million dollar bet on Tom Lee-linked Ethereum treasury firm Bitmine Immersion Technologies on Monday, even as the broader crypto market continued to slide.
The purchase came as Wood reiterated that Bitcoin remains her top-ranked cryptocurrency alongside Ethereum and Solana.
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Cathie Wood Bullish on Ethereum
Ark Invest purchased 550,404 shares of Bitmine Immersion Technologies across its ARKK, ARKW, and ARKF exchange-traded funds, according to daily trade disclosures.
The buying followed an 11.2% decline in Bitmine shares on Monday, which closed at $30.95, valuing Ark’s purchase at roughly $17 million.
At the stock’s $30.95 closing price, the purchase would have cost approximately $17 million.
Bitmine, associated with Fundstrat co-founder Lee, has positioned itself as an Ethereum-focused treasury company and has been aggressively accumulating ether on a near-weekly basis.
Ark also increased exposure to other crypto-related firms, purchasing 64,946 shares of Coinbase, 143,579 shares of Circle Internet Group, and 122,360 shares of Bullish. All three stocks posted losses during the session.
Wood Says Bitcoin Remains Crypto ‘Leader’
Despite expanding exposure to Ethereum-linked strategies, Wood said that Bitcoin remains the leading cryptocurrency in her view.
Asked to rank Bitcoin, Ethereum, and Solana during a recent podcast appearance, Wood said Bitcoin is typically “the first one to get sold and drag the others down” during periods of market stress.
She added, however, that she believes markets may be approaching a bottom, as adverse developments have largely been absorbed.
Wood described Bitcoin as “a very big idea,” calling it a global monetary system, a technology, and a new asset class.
She said it is “leading the charge into a completely new asset class” and remains the primary entry point for institutional investors.
Ethereum, she said, is increasingly becoming the platform institutions are choosing as they build on its layer-one blockchain and expand activity through layer-two networks.
Wood characterized Ethereum as more of an institutional play, while describing Solana as more consumer-focused.
Wood Bullish On Bitcoin
Wood also recently reiterated Ark Invest’s long-term bullish outlook for Bitcoin, saying recent adjustments to the firm’s valuation model have not altered its top-end price target of $1.5 million.
Speaking during an Ark webinar in November, Wood said parts of the model were updated to reflect the rapid growth of stablecoins, which she said are increasingly serving as an “insurance policy” in emerging markets.
Ark analyst David Puell noted that Bitcoin’s share of transaction volume in developing regions remains below that of stablecoins, accounting for roughly 20% compared with between 40% and 50% for stablecoins, citing Chainalysis data.
As a result, Ark reduced its assumptions for Bitcoin’s adoption as a safe-haven asset in those markets.
Despite these changes, Wood said Ark’s long-term conviction remains intact.
“Our bull price ... really hasn’t changed,” she said.
Ethereum Faces Downside Risk
Ethereum’s near-term price action remains weak despite signs of rebuilding institutional interest, according to CCN analyst Valdrin Tahiri.
At the time of reporting, Ethereum was trading at around $2,920, down nearly 7% over the past seven days.
Tahiri said Ethereum’s recent rebound likely marked the completion of a fourth wave within a broader corrective structure, suggesting the asset could now be entering a fifth and final downward wave.
“If so, the main target for the bottom is at $2,065,” Tahiri said, citing a 1.61 external Fibonacci retracement level as key support, after which a significant bounce could follow.
He added that while improving long-term sentiment and prominent bullish positions are constructive, they do not invalidate Ethereum’s current downtrend.
“This disconnect explains why Ethereum’s price is falling despite the release of positive headlines,” Tahiri said.
Tahiri added that downside risk remains elevated until Ethereum reclaims key resistance levels and confirms a trend reversal.
