Ark Invest Buys the Slide, Adds Almost $40M of Crypto Stocks, as Market Drops
Ark Invest purchased nearly $40 million worth of shares in crypto-related firms Bullish, Circle Internet, and Bitmine amid a broader cryptocurrency market decline.Summary
Cathie Wood's Ark Invest added $39.6 million to its holdings across three crypto-related companies on Wednesday while the broader crypto market experienced a drop. The firm acquired 463,598 shares of crypto exchange Bullish (BLSH) valued at $16.9 million, 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) worth $15.1 million, and 260,651 shares of ether asset treasury firm Bitmine Immersion Technologies (BMNR) valued at $7.6 million. This buying spree occurred as Bitcoin fell as low as $89,000 this week, causing share prices for CRCL and BMNR to drop around 9% and BLSH to lose 3.63%. Ark Invest often engages in bargain hunting when stock prices are depressed, aiming to maximize long-term value or rebalance its ETFs, which include ARKK, ARKW, and ARKF.
(Source：CoinDesk)