Cathie Wood buys the dip! Ark Invest splurged $15.6 million to buy during the big dump of BitMine's stock price.

As the stock price of BitMine Immersion (BMNR) fell nearly 8% on August 27, Ark Invest, led by Cathie Wood, went against the trend and invested a total of $15.6 million through three of its ETFs to buy shares of the company. This move has drawn market attention, as BitMine has not only experienced significant price fluctuations recently but is also actively expanding its Ethereum (ETH) holdings and capital plans.

Ark Invest Buying Details

According to the daily trading documents released by Ark Invest:

ARK Innovation ETF (ARKK): Buy 227,569 shares

ARK Next Generation Internet ETF (ARKW): Buy 70,991 shares

ARK Fintech Innovation ETF (ARKF): Buy 40,553 shares

A total of three funds bought 339,113 shares of BitMine stock, valued at approximately 15.6 million dollars based on Wednesday's closing price.

BitMine Stock Price and Market Performance

On August 27, the BMNR stock price fell by 7.85% to $46.03, with a cumulative decline of 11.58% over the past five trading days.

Despite being under pressure in the short term, the stock has still accumulated a 534.9% increase so far this year, far surpassing the performance of the Nasdaq Index (+0.2%) and the Dow Jones Industrial Average (+0.3%) during the same period.

Market observers point out that Ark Invest's counter-cyclical increase may reflect its confidence in BitMine's long-term growth potential, especially against the backdrop of the company's continued expansion in the crypto asset layout.

Company Assets and Expansion Plans

(Source: The Block)

BitMine disclosed earlier this week that the total value of its cryptocurrency and cash holdings has reached $8.82 billion, which includes approximately $7.9 billion in 1.71 million ETH holdings, making it one of the largest Ethereum asset management companies in the world.

In addition, on August 12, BitMine submitted an application to the U.S. Securities and Exchange Commission (SEC), planning to significantly expand its market equity issuance scale from $4.5 billion to $24.5 billion to raise more funds to purchase ETH.

Analysts believe that if the plan is approved, BitMine will have the ability to further expand in the Ethereum market and may occupy a larger share during the crypto asset bull market.

Conclusion

Cathie Wood's Ark Invest went against the trend by bottom fishing when BitMine's stock price experienced a big dump, signaling strong confidence in the company's long-term prospects. As BitMine expands its ETH Holdings and capital plans, the fluctuation of BMNR may intensify, but for long-term investors, this could be a critical moment to bet on its growth story.