Cathie Wood’s Ark Invest buys BitMine shares and trims Bitcoin forecast as ETH treasury firms face heavy unrealized losses. | Credit: Getty Images.
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Key Takeaways
Cathie Wood said Ark Invest’s bullish target for Bitcoin has been reduced from $1.5 million to $1.2 million.
Ark Invest purchased 240,507 shares of Ethereum treasury Bitmine Immersion.
A downturn in Ethereum has left many firms sitting on millions in unrealized losses.
Cathie Wood’s Ark Invest has boosted its exposure to Ethereum-focused assets, purchasing 240,507 shares in ETH treasury Bitmine Immersion.
The acquisition comes after the star stock picker aggressively cut her long-term Bitcoin (BTC) forecast, claiming that the rise of stablecoins was taking away from the crypto’s value.
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Wood’s investment firm, known for backing disruptive technologies, acquired the Bitmine shares across multiple Ark ETFs, signaling renewed interest in ETH treasury strategies.
Ark has accumulated Bitmine shares several times this year as Wood seemingly becomes increasingly confident in the future role of Ethereum.
Speaking with Ark Invest’s Cathie Wood on her podcast in October, Lee said the company is roughly the 470th-largest U.S. company by market capitalization.
The comments come after BMNR stock rocketed from around $5 to a peak of $161, before settling in the mid-$50s as of Oct. 10, 2025, following a year-to-date surge of nearly 700%.
Once its upcoming staking solution goes live, Lee told the podcast, the company could generate a 2.79% pre-tax yield, potentially ranking among the 800 most profitable firms in the U.S.
Wood Cuts Bitcoin Forecast
In a CNBC interview this week, Wood said Ark’s bullish case for Bitcoin had been reduced by about $300,000 to $1.2 million by 2030, noting that stablecoins were taking over part of the utility once envisioned for Bitcoin in emerging markets.
“Given what’s happening to stablecoins, which are serving emerging markets in a way that we thought Bitcoin would, I think we could take maybe $300,000 off that bullish case, just for stablecoins,” she said.
She explained that the rise of dollar-pegged digital assets is changing how emerging economies access financial infrastructure.
“Stablecoins are cash, they’re dollars. Bitcoin is a global monetary system,” Wood said. “It is the lead in a new asset class. And it’s a technology all wrapped in one.”
While reaffirming Bitcoin’s status as “digital gold,” Wood noted that gold’s own price gains since Ark’s earlier forecast have complicated direct comparisons.
Still, she emphasized that the broader digital asset ecosystem is expanding rapidly.
“Stablecoins… are happening faster. They’re scaling faster. I think emerging markets are huge in this regard,” she added.
“And we’re starting to see institutions in the United States focused on new payment rails with stablecoins at the core.”
Ethereum Treasury Firms in the Red
The renewed Ethereum bet comes amid losses for firms pursuing Ethereum treasury strategies.
With Ether’s price sliding below $3,500 on Nov. 4, major Ethereum treasuries, including Bitmine, are facing millions in unrealized losses.
At the time of reporting, Ethereum is trading at $3,231, down 28% in the last month.
Bitmine’s average purchase price stands at $4,037 per ETH, while Sharplink’s is around $3,609, according to company filings and CoinGecko data.
Together, the two firms hold roughly 4.17 million ETH, valued at about $14.5 billion.
Despite market weakness, ETH treasury firms have continued to accumulate in the red.
Yesterday, Bitmine purchased an additional $70 million worth of Ether for its corporate treasury, after accumulating $300 million worth just last week.
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.
