ARK Invest goes on $19 million buying spree as crypto stocks nurse losses
ARK Invest purchased $19 million in shares of crypto-related companies like Circle, Coinbase, and Robinhood amid a market downturn.Summary
ARK Invest engaged in a $19 million buying spree on Tuesday, capitalizing on falling share prices among cryptocurrency-related stocks as Bitcoin dropped to as low as $73,100. The investment manager acquired $2.41 million in Circle (CRCL), $3.46 million in Bullish (BLSH), $631,000 in Coinbase (COIN), $7.81 million in Robinhood (HOOD), $3.25 million in Bitmine Immersion Technologies (BMNR), and $1.8 million in Block (XYZ). These purchases, held across ARK's ARKK, ARKW, and ARKF ETFs, followed a larger buying spree the previous day totaling $32.7 million in HOOD alone. ARK frequently buys into market weakness to potentially capture greater value from these equities, which have seen recent declines due to the broader crypto market selloff.
(Source：CoinDesk)