Ethereum key signal! "The stock goddess" Cathie Wood makes a big bet on ETH reserve companies, indicating a significant shift in Ark Invest's strategy.

Cathie Wood, the founder of ARK Invest, known as the "Queen of Stocks", has taken a key step in her cryptocurrency strategy. ARK Invest purchased 4.4 million shares of Bitmine stock, indicating a significant shift in its strategy towards Ethereum. Bitmine currently holds over $1 billion worth of ETH, aiming to capture 5% of the supply.

At this moment, the Ethereum bull market is surging, with an increase of over 25% in the past seven days. This surge has propelled the largest altcoin to outperform Bitcoin (BTC) over the past 90 days. It wasn't until long after December 2024 that ETH regained the critical $3,800 mark.

"The Female Stock God" Goes Long on Ethereum

According to ARK Invest's trading disclosure on July 21, the company increased its holdings of 2.9 million shares of BMNR stock through its flagship fund ARK Innovation ETF (ARKK). In addition, the company increased its holdings of 927,800 shares through ARKW and 555,700 shares through ARKF.

This can be said to be ARK's first venture into Bitmine since it announced its abandonment of Bitcoin and the establishment of a large Ethereum vault. Recently, Bitmine invested $500 million to acquire ETH, currently holding over $1 billion in ETH. Reports indicate that the company plans to acquire and stake 5% of the total supply of Ethereum.

After the ETH staking announcement, Bitmine's stock price soared over 135 dollars, briefly hitting an all-time high before retreating to around 39 dollars. In the past month, the stock has still risen nearly 800%. After-hours trading indicates that BMNR is expected to open up by 2%.

(Source: Ark Invest Daily)

ARK's actions highlight the strong trend of institutional investors and the shift of investors from BTC to ETH against the backdrop of a strong momentum in ETH ETFs and funding strategies. As of now, ARK's Bitcoin ETF ARKB holds $5.81 billion in BTC.

Today (22) in the European early session, Ether is currently priced at 3,691 USD.

The digital asset market remains calm, with a 2% pullback in gains over the past 24 hours. The cumulative market capitalization of Crypto Assets has reached $3.89 trillion, with a trading volume of $218 billion. The price of Bitcoin is hovering between $117,000 and $118,000.