Cathie Wood shells out $22.8M to acquire hot new pick originally appeared on TheStreet.

It seems Ark Invest CEO Cathie Wood has become so fond of her new favorite crypto stock that she is willing to let go of her old favorites.

On July 28, the investment firm again bought $22.8 million worth of 572,853 BitMine Immersion Technologies (NYSE: BMNR) shares across three funds. ARK earlier purchased $182 million in BMNR shares, with Wood going so far as to say her investment in the firm is a \\"vote of confidence.\\"

Here's every move Cathie Wood and Ark Invest made in the stock market today 7/28 pic.twitter.com/r2ZbGX0JfA

— Ark Invest Daily (@ArkkDaily) July 29, 2025

Fundstrat's Tom Lee, who recently joined as the Chairman of BitMine’s Board of Directors, is very bullish on Ethereum and has set the firm's target of stacking 5% of ETH.

Bitmine is the largest Ethereum treasury firm, which holds 625,000 ETH worth $2.35 billion. On July 29, it announced a $1 billion stock repurchase program.

Join the discussion with CryptoWendyO on Roundtable here.

While pursuing the acquisition of the new crypto favorite, ARK Invest dumped some of the old favorites. The investment firm sold $6.9 million worth of  Coinbase (Nasdaq: COIN) shares, $12.7 million worth of Robinhood Markets (Nasdaq: HOOD) shares, and $15 million worth of Jack Dorsey's Block, Inc. (NYSE: XYZ) shares.

While Coinbase is the largest crypto exchange in the U.S., Robinhood offers both stock and crypto trading. Jack Dorsey's Block, Inc., on the other hand, is a fintech firm that has several Bitcoin-focused products. Wood's investment firm still has substantial stock holdings in all these firms.

Except for HOOD, all the stocks dipped on July 28.

While HOOD rose modestly to close at $106.77, COIN fell nearly 4% to close at $379.49, and XYZ fell less than 1% to close at $80.57.

BMNR, the stock Wood has been stacking, dipped as much as 15% to close at $35.11.

Cathie Wood shells out $22.8M to acquire hot new pick first appeared on TheStreet on Jul 29, 2025

This story was originally reported by TheStreet on Jul 29, 2025, where it first appeared.