Cathie Wood’s Ark Bets on Tom Lee’s Ether Treasury Firm BitMine

Cathie Wood snapped up shares of Tom Lee’s BitMine Immersion Technologies Inc., a US-listed Bitcoin miner that recently pivoted to pursue a treasury strategy tied to Ether, the world’s second-largest cryptocurrency.

Wood’s Ark Investment Management purchased around 4.77 million of BitMine shares on July 21 across three funds, valued at $182 million, via a block trade done through the firm’s at-the-market stock issuance program. Proceeds from the sale will be used to buy Ether, BitMine said in a statement.