ARK Invest buys another $25.4 million of COIN, BLSH, BMNR as crypto stocks slide
TL;DR
ARK Invest purchased an additional $25.4 million in crypto stocks (COIN, BLSH, BMNR) on Wednesday as their prices declined, continuing a buying pattern during market dips after a $60 million purchase earlier in the week.
Key Takeaways
- •ARK Invest bought $25.4 million worth of Coinbase (COIN), Bullish (BLSH), and Bitmine Immersion (BMNR) shares as all three stocks dropped in price.
- •This follows a nearly $60 million purchase on Monday, showing ARK's strategy of buying crypto-related stocks during market downturns.
- •Bitcoin briefly rallied but ended down about 2%, with crypto stocks generally declining alongside major cryptocurrencies.
- •ARK typically adds to crypto holdings in its ETFs when prices fall to gain exposure at better values.
What to know:
- ARK Invest added another $25.4 million of crypto stocks on Wednesday, according to an emailed disclosure.
- ARK bought shares in Bitmine Immersion, Bullish and Coinbase as all three companies' stock prices dropped.
- The purchases follow a nearly $60 million purchase on Monday, which also coincided with a market dump.
- ARK Invest added another $25.4 million of crypto stocks on Wednesday, according to an emailed disclosure.
- ARK bought shares in Bitmine Immersion, Bullish and Coinbase as all three companies' stock prices dropped.
- The purchases follow a nearly $60 million purchase on Monday, which also coincided with a market dump.
ARK Invest added a further $25.4 million of crypto stocks on Wednesday as the shares slid along with the price of major cryptocurrencies.
Cathie Wood's investment management firm bought 360,232 shares in ether ETH$2,939.26 treasury company Bitmine Immersion Technologies (BMNR), worth $10.6 million at the close. BMNR fell over 6.5% to $29.32 on Wednesday.
ARK also added $8.85 million worth of shares of crypto exchange Bullish (BLSH) and $5.91 million worth of Coinbase (COIN). Bullish fell 1.93% to $42.15 and COIN lost 8.6% to $244.19.
While the crypto market saw a brief rally during the U.S. morning, with bitcoin BTC$88,140.62 spiking to nearly $90,000, the gains were short-lived and the largest cryptocurrency subsequently fell to a low around $85,300. It traded at just above $86,000 at the close of the business day, down around 2% in the previous 24 hours.
ARK's purchases follow a buying spree of nearly $60 million on Monday, which also coincided with a market dump. Bitcoin fell about 2%, CoinDesk data show.
The St. Petersburg, Florida-based company often adds to the crypto holdings in its exchange-traded funds (ETFs) when prices take a tumble to add exposure at greater value.
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