Ark Invest buys more Circle, Bullish and BitMine as stocks fall sharply
The Block
Ark Invest purchased $41.2 million worth of Circle, Bullish, and BitMine shares on Wednesday despite sharp stock declines.Summary
Cathie Wood's Ark Invest utilized three of its ETFs (ARKK, ARKW, and ARKF) to purchase a combined $41.2 million in shares of Circle Internet Group ($17.7M), Bullish ($16.9M), and BitMine Immersion Technologies ($7.6M) on Wednesday, coinciding with a sharp drop in their stock prices. Circle, the USDC stablecoin issuer, fell 8.98%; Bullish dropped 3.63%; and BitMine declined 9.6%. This activity occurred during a broader crypto market pullback. Despite the stock drops, Circle reported strong Q3 net income of $214 million (202% YoY growth), and Bullish posted a profitable Q3 with $18.5 million in net income, though its digital asset sales decreased year-over-year.
(Source：The Block)