Cathie Wood's Ark Invest purchased over $6 million worth of Bitmine Immersion Technologies (BMNR) shares.
This investment followed a sharp decline in the crypto company's stock. BMNR shares fell over 20% in the past five trading days. Ark's move signals a potential "buy the dip" strategy.
An analysis highlighted BMNR's significant unrealized losses on its Ethereum holdings. The company recently saw the departure of President Erik Nelson.
BMNR is developing its MAVAN staking platform. This platform aims to generate more stable revenue.