Cathie Wood's Ark Invest Buys the Dip on Coinbase, Circle and Tom Lee’s Ethereum Giant BitMine

Core Viewpoint - Ark Invest is strategically increasing its holdings in crypto-related equities, particularly during a period of declining share prices, indicating a bullish outlook on the sector despite recent downturns [1][3]. Group 1: Investment Activities - Ark Invest added over 550,000 shares of BitMine Immersion Technologies (BMNR) valued at approximately $17 million and nearly 65,000 shares of Coinbase (COIN) valued at $16.5 million [1]. - The firm also invested around $11.8 million in Circle (CRCL), $5.3 million in Bullish (BLSH), and $1 million in Brera Holdings, with all these stocks experiencing declines of at least 6% in the last five trading days [2]. - In total, Ark Invest holds $609 million in shares of Coinbase, $323 million in Circle, and $275 million in BitMine across its ETFs [4]. Group 2: Market Performance - Coinbase shares have decreased by approximately 9% recently, trading at $251.88, while BitMine shares have fallen over 21% to $30.92 [2]. - Bitcoin's price has slightly rebounded by 2.6% to $87,716, although it remains over 30% below its October all-time high of $126,080 [5]. Group 3: Strategic Insights - Cathie Wood has adjusted her long-term Bitcoin price forecast from $1.5 million to $1.2 million due to increased stablecoin adoption, which she believes reduces one of Bitcoin's use cases [5]. - The firm has been actively buying equity dips, particularly in BitMine, Coinbase, and Circle, reflecting a strategy to capitalize on lower prices in the crypto market [3].