Ark Invest has a consistent pattern of “buying the dip,” increasing its holdings in cryptocurrency-related companies when share prices weaken. June followed that same approach.
Bitcoin, the largest cryptocurrency, posted its worst monthly performance in four years, and shares of digital asset firms fell alongside it, which Ark viewed as a buying opportunity.
The St. Petersburg, Florida-based asset manager purchased about $44 million in Coinbase (COIN) shares based on closing prices on the days of acquisition. It also added $25.25 million in Circle Internet (CRCL), the issuer of the USDC stablecoin, and $8.2 million in Bullish (BLSH), the crypto exchange and parent company of CoinDesk, according to disclosed filings.
Circle shares dropped roughly 40% in June, finishing the month at $62.63. The decline included an 18% slide on June 30, following the launch of rival stablecoin Open USD, which is supported by more than 140 firms including Coinbase, Stripe, Visa, Mastercard, and BlackRock.
Meanwhile, Coinbase (COIN) ended June down nearly 20% at $146.19, while Bullish (BLSH) declined 27% to $23.43.
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