ARK Invest, led by Cathie Wood, invested $182 million in BitMine Immersion Technologies Inc., acquiring nearly 4.8 million shares. BitMine will use $177 million to buy Ethereum, aiming for 5% of the circulating supply. Tom Lee praised ARK Invest for the stake. Other backers include Founders Fund and Pantera Capital, signaling institutional interest in Ethereum.

Cathie Wood’s support behind BitMine’s Ethereum strategy, alongside other major investors, reflects renewed interest in the asset. The move is seen as a signal of confidence in Ethereum’s long-term prospects amidst increasing competition in the crypto space. Related ETFs like ETHE and BITQ are also in focus. BMNR shares rose 4.08% to $41.19.

The “Peter Thiel effect” is driving the influx of capital into Ethereum-related projects, with influential investors like Cathie Wood leading the charge. BitMine’s decision to allocate funds to Ethereum underscores confidence in the asset’s future trajectory. Strategic backing from high-profile investors could shape the digital asset accumulation landscape.

Read more at Yahoo Finance: Cathie Wood Joins Crypto Heavyweights In Backing BitMine’s Ethereum Play