Key Takeaways
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Cathie Wood said Ark Invest’s bullish target for Bitcoin has been reduced from $1.5 million to $1.2 million.
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Ark Invest purchased 240,507 shares of Ethereum treasury Bitmine Immersion.
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A downturn in Ethereum has left many firms sitting on millions in unrealized losses.
Cathie Wood’s Ark Invest has boosted its exposure to Ethereum-focused assets, purchasing 240,507 shares in ETH treasury Bitmine Immersion.
The acquisition comes after the star stock picker aggressively cut her long-term Bitcoin (BTC) forecast, claiming that the rise of stablecoins was taking away from the crypto’s value.
Wood’s investment firm, known for backing disruptive technologies, acquired the Bitmine shares across multiple Ark ETFs, signaling renewed interest in ETH treasury strategies.
Bitmine, led by Thomas “Tom” Lee, has positioned itself as a pioneer of the “Ethereum treasury” model.
Ark has accumulated Bitmine shares several times this year as Wood seemingly becomes increasingly confident in the future role of Ethereum.
Speaking with Ark Invest’s Cathie Wood on her podcast in October, Lee said the company is roughly the 470th-largest U.S. company by market capitalization.
The comments come after BMNR stock rocketed from around $5 to a peak of $161, before settling in the mid-$50s as of Oct. 10, 2025, following a year-to-date surge of nearly 700%.
Once its upcoming staking solution goes live, Lee told the podcast, the company could generate a 2.79% pre-tax yield, potentially ranking among the 800 most profitable firms in the U.S.
In a CNBC interview this week, Wood said Ark’s bullish case for Bitcoin had been reduced by about $300,000 to $1.2 million by 2030, noting that stablecoins were taking over part of the utility once envisioned for Bitcoin in emerging markets.
“Given what’s happening to stablecoins, which are serving emerging markets in a way that we thought Bitcoin would, I think we could take maybe $300,000 off that bullish case, just for stablecoins,” she said.
She explained that the rise of dollar-pegged digital assets is changing how emerging economies access financial infrastructure.
“Stablecoins are cash, they’re dollars. Bitcoin is a global monetary system,” Wood said. “It is the lead in a new asset class. And it’s a technology all wrapped in one.”
While reaffirming Bitcoin’s status as “digital gold,” Wood noted that gold’s own price gains since Ark’s earlier forecast have complicated direct comparisons.
Still, she emphasized that the broader digital asset ecosystem is expanding rapidly.
“Stablecoins… are happening faster. They’re scaling faster. I think emerging markets are huge in this regard,” she added.
The renewed Ethereum bet comes amid losses for firms pursuing Ethereum treasury strategies.
With Ether’s price sliding below $3,500 on Nov. 4, major Ethereum treasuries, including Bitmine, are facing millions in unrealized losses.
At the time of reporting, Ethereum is trading at $3,231, down 28% in the last month.
Bitmine’s average purchase price stands at $4,037 per ETH, while Sharplink’s is around $3,609, according to company filings and CoinGecko data.
Together, the two firms hold roughly 4.17 million ETH, valued at about $14.5 billion.
Despite market weakness, ETH treasury firms have continued to accumulate in the red.
Yesterday, Bitmine purchased an additional $70 million worth of Ether for its corporate treasury, after accumulating $300 million worth just last week.
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