Cathie Wood’s Ark Invest buys more Bitmine, Bullish shares, doubling down on crypto dip
The Block
Ark Invest increased its holdings in crypto-related firms Bitmine and Bullish amid recent price declines.Summary
Cathie Wood's Ark Invest expanded its exposure to crypto-related companies on Thursday by purchasing additional shares in Bitmine and Bullish. The firm acquired 212,314 Bitmine shares, valued at $4.2 million, and 74,323 Bullish shares, worth about $2.4 million, marking the eleventh consecutive day Ark bought Bullish stock. Ark also bought $12.4 million worth of Robinhood shares. These purchases occurred as the stocks of these companies, along with major equity indexes and cryptocurrencies like Bitcoin and Ether, experienced declines. Ark's strategy limits any single holding to 10% of a fund's portfolio to ensure diversification, which means rebalancing occurs based on relative stock performance.
(Source：The Block)