Key Takeaways
- Cathie Wood’s ARK Invest added more than $44 million in crypto-linked equities, including BitMine, Robinhood, and Circle.
- BitMine chairman Tom Lee defended the firm’s Ethereum treasury model despite billions of losses.
- Analysts say Ethereum’s price lacks momentum.
Cathie Wood’s ARK Invest increased its exposure to crypto-linked equities this week, buying shares of BitMine and other digital-asset firms, despite Ethereum’s sharp price drop and mounting sector-wide losses.
The purchases come as Tom Lee, BitMine’s Chairman, took to X to respond to mounting criticism over his firm losing $6.6 billion.
ARK Buys The Dip
ARK Invest disclosed purchases of more than $44 million worth of crypto-related stocks on Monday, spread across several of its exchange-traded funds, including the ARK Innovation ETF and the ARK Blockchain & Fintech Innovation ETF.
Among the largest additions was BitMine Immersion Technologies, Tom Lee’s Ethereum-focused treasury company whose shares fell about 9% on the day, mirroring Ethereum’s price drop.
ARK bought roughly 274,000 shares, valuing the purchase at about $6.2 million based on closing prices.
Wood’s firm also added approximately $21 million worth of Robinhood Markets shares after the online brokerage’s stock slid nearly 10%.
Smaller purchases included the stablecoin issuer Circle, the crypto exchange Bullish, and Block and Coinbase, all of which fell alongside the broader market.
Tom Lee Defends BitMine’s ETH Treasury
The renewed focus on BitMine comes as its chairman, Tom Lee, pushed back publicly against criticism of the company’s growing unrealized losses tied to Ethereum’s slide.
Taking to X, Lee fought back against criticism of the firm’s $6.6 billion loss as Ethereum prices dropped, claiming that the strategy was designed to withstand such losses.
Lee described the losses as a “feature” rather than a “bug,” implying it was an intentional part of the strategy.
Recent disclosures show BitMine holding more than 4.2 million Ethereum, with the value of those holdings falling to roughly $9.6 billion from nearly $14 billion late last year.
Lee said the company remained committed to its long-term strategy and reiterated that Ethereum was “the future of finance.”
Ethereum Price Outlook
At the time of reporting, Ethereum was trading at $2,257, down 25% over the last seven days.
Ethereum’s recent rebound appears technically fragile, according to CCN analyst Victor Olanrewaju, with momentum indicators continuing to signal bearish control.
While price action has stabilized in the short term, technical signals suggest further downside is possible.
“If ETH fails to hold this zone, the downside risk increases materially,” Olanrewaju said, adding that bulls would need to reclaim higher Fibonacci levels—particularly the 0.236 and 0.382 retracements—to shift the broader bias.
Until then, he said, Ethereum remains vulnerable to renewed selling pressure.
“Without a clear shift in momentum and capital inflows, the daily structure remains bearish.”
A decisive break above the $2,818 level, however, could reopen a move toward the $3,200 region, potentially altering the near-term outlook.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
