Cathie Wood’s Ark Invest stepped in during Wednesday’s market downturn, committing $39.6 million to expand its positions in three crypto-focused companies as digital asset valuations slid.
The investment firm disclosed purchases of 463,598 shares of crypto exchange Bullish (BLSH), a stake valued at $16.9 million by the close of trading. It also bought 216,019 shares of Circle Internet Group (CRCL), the issuer behind the USDC stablecoin, for about $15.1 million, and added 260,651 shares of ether-focused treasury operator Bitmine Immersion Technologies (BMNR), worth $7.6 million.
Ark Invest holds a range of crypto and blockchain-related equities within its Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF) exchange-traded funds.
The latest buying came as the crypto market extended its weekly slump. Bitcoin (BTC) dropped to as low as $89,000—down from recent levels around $86,358—pressuring crypto-exposed stocks. CRCL and BMNR each declined roughly 9% on Wednesday, while BLSH, parent of CoinDesk, fell 3.63%. The CoinDesk 20 Index (CD20) retreated 3.22%.
Ark Invest has a long track record of using market pullbacks to accumulate assets it views as undervalued or to maintain targeted portfolio weightings across its ETF lineup.
About The Author
More Stories
GameStop’s $56 billion bid is rejected by eBay, shifting attention back to the company’s bitcoin holdings.
Ether’s weakness relative to bitcoin has pushed the ETH/BTC ratio to its lowest level in 10 months.
MARA sold $1.5 billion worth of bitcoin while transitioning its focus to AI infrastructure.