Cathie Wood shows 'vote of confidence' in surging tech stock

Cathie Wood shows ‘vote of confidence’ in surging tech stock originally appeared on TheStreet.

ARK Invest CEO Cathie Wood has a keen eye for emerging trends in the technology sector and her funds’ portfolios reflect her dynamic vision.

Known for holdings in crypto-native or crypto-related stocks such as Coinbase (Nasdaq: COIN), Robinhood (Nasdaq: HOOD), Circle (NYSE: CRCL), and Elon Musk’s Tesla (Nasdaq: TSLA), her investment management firm recently chose to buy a stock that has pivoted toward Ethereum over Bitcoin.

ARK Invest purchased $182 million in 4.7 million BitMine Immersion Technologies (NYSE: BMNR) shares, the crypto treasury company announced on July 22.

BitMine has recently begun shifted from BTC to ETH as a treasury asset. The company said it expects to dedicate 100% of the net proceeds from the sale to ARK Invest, worth $177 million, to acquire ETH.

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Tom Lee of Fundstrat, Chairman of BitMine’s Board of Directors, said:

“We are delighted that Cathie Wood’s ARK Invest is taking a substantial stake in BitMine as she sees the exponential opportunity ahead as we target reaching 5% of ETH.”

Wood said the firm’s investment in BitMine is a “vote of confidence” that Fundstrat will be one of the top crypto treasury companies as Ethereum enables decentralized finance (DeFi)

The BMNR stock jumped 5.7% to close at $41.75 on July 24.

Fundstrat’s Tom Lee is very bullish on ETH and believes it could hit $15,000 due to the tokenization and stablecoin boom.

Bitwise Asset Management’s Chief Investment Officer Matt Hougan is also confident in ETH further rallying, attributing the surge to extraordinary demand from exchange-traded products (ETPs) and corporate treasuries since mid-May.