ARK steps in as crypto stocks extend multi-day selloff
ARK Invest purchased significant shares of Coinbase, Bullish, and Circle during a multi-day downturn in crypto equities.Summary
Cathie Wood’s ARK Invest engaged in bargain hunting on Monday by adding to its positions in several publicly listed crypto-related companies as they experienced a continued multi-day selloff. The purchases, totaling roughly $59 million, included about $16.3 million of Coinbase (COIN), $5.2 million of Bullish (BLSH), and $10.8 million of Circle Internet Group (CRCL). The firm also bought substantial amounts of Bitmine Immersion Technologies and CoreWeave. This action aligns with ARK's established strategy of buying into market drawdowns rather than chasing strength. The selloff saw major declines across the sector, with Bitmine down over 11% and Circle nearly 10% on the day. These new purchases added to ARK's already sizable existing holdings in these crypto plays.
(Source：CoinDesk)