Crypto Stocks Fall, But ARK Invest Sees Long-Term Opportunity
On Wednesday, Cathie Wood’s ARK Invest bought Bullish, Circle Internet Group, and BitMine Immersion Technologies through several ETFs, increasing its exposure to crypto-related firms. This action was taken while cryptocurrency stocks were declining.
- By acquiring 48,011 shares of Bullish, ARK Fintech Innovation ETF (ARKF) increased its holdings.
- Additionally, exposure was enhanced by ARK Next Generation Internet ETF (ARKW), which added 92,670 shares of Bullish to its portfolio.
- The biggest purchase was made by ARK Innovation ETF (ARKK), which purchased 322,917 Bullish shares.
Together, these deals brought ARK’s total bullish investment to almost $16.8 million. Despite the market slump, this activity shows a high level of confidence in the company.
ARK’s Aggressive Purchases Signal Confidence in Circle and BitMine
Following this, ARK made major acquisitions of Circle, the business that created the USDC stablecoin:
- ARKF: 22,327 shares
- ARKW: 43,174 shares
- ARKK: 150,518 shares
These purchases totaled about $15 million worth of Circle shares. ARK increased its BitMine holdings as well:
- ARKF: 26,923 shares
- ARKW: 51,954 shares
- ARKK: 181,774 shares
ARKK made the biggest single accumulation of the $7.6 million total investment in BitMine.
Cryptocurrency Stocks Decline From October Peak
The purchase coincided with a general decline in stocks exposed to cryptocurrencies. This happened when the cryptocurrency market was still declining from its October peak. Notably, in the midst of falling cryptocurrency prices over the past week, ARK has been on a purchasing binge. Bullish continued its recent downward trend, falling 3.63% during the day to $36.39. After-hours trading did, however, see a minor rebound. Circle ended the session at $69.72, down over 9%. BitMine regained more than 6% after hours, although it ended the day down 9.5% at $29.18.
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