Ark Invest buys the dip on Block, Circle and other crypto stocks
Ark Invest purchased millions in shares of Block, Circle, and Coinbase amid a broader crypto market downturn.Summary
Cathie Wood's Ark Invest increased its holdings in crypto-related stocks on Tuesday, taking advantage of falling prices. The firm purchased $13.5 million worth of Block Inc. shares, $7.6 million of Circle Internet Group, and $3.86 million of Coinbase shares across its ETFs, primarily the Ark Innovation ETF (ARKK).
Coinbase is now ARKK's fourth-largest holding at $391 million (5.22% of the portfolio), while Circle represents 2.39% ($179 million). Ark also bought smaller amounts of Bullish stock and Robinhood Markets, along with its own Ark-21Shares spot bitcoin ETF. This buying spree follows weeks of adding crypto-related stocks as they underperformed, coinciding with a general crypto market depreciation driven by macroeconomic uncertainty and thin liquidity.
(Source：The Block)