Cathie Wood's Ark Invest Buys the Dip on Coinbase, Circle and Tom Lee’s Ethereum Giant BitMine
Ark Invest increased its holdings of crypto-related stocks—including Coinbase, Circle, and BitMine Immersion Technologies—after recent declines in share prices. The largest purchases included over 550,000 shares of BitMine (BMNR) worth about $17 million, and nearly 65,000 shares of Coinbase (COIN) valued at $16.5 million. Both stocks had dropped significantly in the last five trading days, with COIN down 9% and BMNR falling over 21%. Additional acquisitions included $11.8 million in Circle (CRCL), $5.3 million in Bullish (BLSH), and $1 million in Brera Holdings, all of which also experienced recent declines. Coinbase is now Ark’s third-largest holding, with $609 million invested, while Circle and BitMine are 12th and 14th, respectively. Ark also purchased about $400,000 of its own Bitcoin ETF (ARKB) amid a decline in Bitcoin's price. Cathie Wood recently revised her 2030 Bitcoin price target down from $1.5 million to $1.2 million, citing advancing stablecoin adoption, but noted institutional interest could disrupt typical market cycles.
