Cathie Wood’s Ark Invest took advantage of the latest pullback in crypto markets, scooping up nearly $40 million worth of crypto-related stocks on Wednesday as prices slid across the sector.
The firm disclosed that it purchased 463,598 shares of crypto exchange Bullish (BLSH), a position valued at $16.9 million at the close. Ark also added 216,019 shares of Circle Internet Group (CRCL), the company behind the USDC stablecoin, for roughly $15.1 million, along with 260,651 shares of ether-focused treasury and infrastructure firm Bitmine Immersion Technologies (BMNR), worth $7.6 million.
Ark Invest holds these names across three of its exchange-traded funds: the flagship Innovation ETF (ARKK), the Next Generation Internet ETF (ARKW) and the Fintech Innovation ETF (ARKF).
A sharp downturn in the broader crypto market—marked by bitcoin briefly dropping to around $89,000—dragged crypto-linked equities lower. CRCL and BMNR fell about 9% on Wednesday, while BLSH, which owns CoinDesk, slipped 3.63%. The CoinDesk 20 Index (CD20) declined 3.22%.
Ark has a well-established strategy of buying into weakness, often increasing exposure when valuations retreat. The firm typically uses these pullbacks to reinforce positions it views as long-term winners and to keep its ETFs aligned with internal portfolio weightings.
About The Author
More Stories
According to Galaxy Digital’s research chief, Bitcoin faces a highly unpredictable 2026.
According to Fidelity’s Jurrien Timmer, 2026 could be underwhelming while Bitcoin’s four-year cycle remains intact.
BlackRock’s Bitcoin ETF attracts $25 billion over the year, defying the recent Bitcoin downturn.