Cathie Wood buys more of Wall Street veteran's stock

Core Insights - Cathie Wood continues to invest in crypto stocks despite market downturns, showing confidence in disruptive technology sectors like digital assets and AI [1] - ARK Invest has increased its stake in Bitmine Immersion Technologies, acquiring 240,507 shares valued at approximately $9.2 million [4] - Bitmine holds 3.31 million ETH worth over $11 billion and aims to capture 5% of the total Ether supply, making it the second-largest crypto treasury [5] Company Specifics - Bitmine Immersion Technologies is chaired by Tom Lee and is recognized as a leading Ethereum treasury firm [2] - ARK Invest's initial investment in Bitmine was in July, which Wood described as a "vote of confidence" in the Ether proxy [4] - Despite a 35% decline in BMNR stock value over the past month, ARK's recent acquisition indicates ongoing confidence in Bitmine's future prospects [6] Market Performance - BMNR stock experienced a 7% drop to close at $37.37 but rebounded over 4% to trade at $38.94 the following day [5] - ARK Invest holds significant shares across multiple funds: 167,348 in ARKK, 48,361 in ARKW, and 24,798 in ARKF [8]