Cathie Wood's Ark Invest Buys BitMine Ethereum Treasury Shares After Cutting Bitcoin Price Target

Group 1: Ark Invest's Acquisition of BitMine Immersion Technologies - Ark Invest added 240,507 shares of BitMine Immersion Technologies (BMNR), valued at approximately $9.2 million, through three of its actively managed ETFs [1] - Ark's ARKK, ARKF, and ARKW ETFs now hold over 6.8 million shares of BMNR, valued at nearly $260 million [2] - The largest purchase of BMNR occurred in July, when Ark added around 4.7 million shares at a price of approximately $40.77 [2] Group 2: BitMine's Position in the Market - BitMine holds nearly 3.4 million ETH, valued at almost $11.3 billion, making it the largest publicly traded Ethereum treasury firm [3] - BitMine is the second-largest publicly traded digital asset treasury, following the Bitcoin Strategy with a stash of nearly $65 billion in BTC [3] Group 3: Cathie Wood's Bitcoin Price Target Adjustment - Cathie Wood reduced her Bitcoin price target from $1.5 million to $1.2 million by 2030, citing the rapid adoption of stablecoins as a hindrance [4] - The new price target aligns with the "base case" provided earlier this year, which considered the "active supply" of Bitcoin [5] - The firm previously projected a bull case of $2.4 million per Bitcoin by 2030 [5] Group 4: Market Trends and Predictions - Bitcoin is currently trading at $102,488, having dipped below $100,000 for the first time since May [5] - Predictions indicate a 26% chance of Bitcoin reaching a new all-time high this year [6] - Ethereum is trading around $3,375, approximately 33% off its August all-time high of $4,946 [6]