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ARK expanded its investments in CRCL, BLSH, COIN, HOOD, BMNR, and XYZ on Tuesday as bitcoin dipped to as low as $73,000.
Ark Invest’s Cathie Wood (Danny Nelson, modified by CoinDesk)
What to know:
- On Tuesday, ARK Invest acquired approximately $19 million in shares from cryptocurrency firms as losses in crypto equities continued.
- ARK increased its stakes in CRCL, BLSH, COIN, HOOD, BMNR, and XYZ.
- The share prices of all the mentioned companies have declined recently due to the downturn in the crypto market, which saw bitcoin (BTC) fall to as low as $73,100 on Tuesday.
On Tuesday, Ark Invest engaged in bargain hunting for the second consecutive day, purchasing shares in cryptocurrency companies totaling $19 million.
The investment firm based in St. Petersburg, Florida, bought $2.41 million in shares of Circle (CRCL) and also acquired $3.46 million and $631,000 in shares of Bullish (BLSH) and Coinbase (COIN), respectively, as reported in an emailed disclosure. Bullish is the parent company of CoinDesk.
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ARK also purchased $7.81 million of shares in the crypto-friendly investment platform Robinhood (HOOD), $3.25 million in Ethereum treasury company Bitmine Immersion Technologies (BMNR), and $1.8 million in Jack Dorsey’s fintech firm Block (XYZ).
These equities are included in ARK’s ARKK, ARKW, and ARKF exchange-traded funds (ETFs).
The share prices of all the mentioned companies have declined recently due to the downturn in the crypto market, which saw bitcoin drop to as low as $73,100 on Tuesday, marking its lowest value since late 2024.
CRCL and COIN both saw declines of approximately 4.5% on Tuesday, while BLSH fell just under 4%.
ARK consistently takes advantage of weaknesses in the crypto market to potentially acquire greater value from equities. Tuesday’s actions came after larger purchases the previous day, when ARK added $32.7 million in HOOD, $9.4 million in CRCL, and $6 million in BLSH.
