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Ark Invest purchased $21.5 million worth of shares in a cryptocurrency firm as bitcoin dropped below $90,000.
The acquisitions of Coinbase, Circle Internet, and Bullish marked Ark’s initial purchases of these three stocks since mid-December.
Ark Invest acquired a total of $21.5 million in shares of Coinbase (COIN), Circle (CRCL), and Bullish (BLSH) on Friday (Danny Nelson, modified by CoinDesk)
Key points:
- Ark Invest purchased a total of $21.5 million in shares of Coinbase (COIN), Circle (CRCL), and Bullish (BLSH) on Friday.
- This marked Ark’s first acquisitions of these three stocks since mid-December.
- The cryptocurrency market shifted back to a bearish trend last week, with bitcoin dropping nearly 6% on Friday compared to the previous week.
Ark Invest procured a total of $21.5 million in shares of Coinbase (COIN), Circle Internet (CRCL), and Bullish (BLSH) on Friday, marking the firm’s first acquisitions of these stocks since mid-December.
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The investment firm led by Cathie Wood increased its stakes in the three entities through its Innovation (ARKK) and Blockchain and Fintech Innovation (ARKF) exchange-traded funds (ETFs), as noted in an emailed disclosure.
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Ark added 129,446 shares of stablecoin creator Circle, valued at $9.2 million based on Friday’s closing price of $71.33. CRCL’s price remained relatively stable on Friday, although it had decreased nearly 10% over the week.
The firm also acquired 42,179 shares of cryptocurrency exchange Coinbase and 88,533 shares of Bullish, the parent company of CoinDesk, valued at $9.15 million and $3.17 million, respectively. Coinbase’s stock fell 2.77% on Friday, while Bullish’s dropped by 2%.
The cryptocurrency market transitioned back to a bearish sentiment last week, with bitcoin nearly 6% lower on Friday compared to the previous week, falling below the $90,000 threshold in the process.
Ark’s well-established strategy involves purchasing during price dips in equities, aiming to capitalize on the potential value offered by multi-day declines.
