ARK Invest goes on $19 million buying spree as crypto stocks nurse losses
TL;DR
ARK Invest purchased approximately $19 million in shares of crypto-related companies like Circle, Coinbase, and Robinhood on Tuesday, taking advantage of falling stock prices amid a broader crypto market selloff that saw Bitcoin drop to around $73,100.
What to know:
- ARK Invest bought around $19 million worth of shares in cryptocurrency companies on Tuesday as crypto equities' losses extended.
- ARK added to its holdings in CRCL, BLSH, COIN, HOOD, BMNR and XYZ.
- All the aforementioned companies's share prices have suffered in recent days amid the selloff in the crypto market which saw bitcoin (BTC) fall as low as $73,100 on Tuesday.
- ARK Invest bought around $19 million worth of shares in cryptocurrency companies on Tuesday as crypto equities' losses extended.
- ARK added to its holdings in CRCL, BLSH, COIN, HOOD, BMNR and XYZ.
- All the aforementioned companies's share prices have suffered in recent days amid the selloff in the crypto market which saw bitcoin (BTC) fall as low as $73,100 on Tuesday.
Ark Invest bargain hunted for a second straight day Tuesday, snapping up shares in cryptocurrency companies worth $19 million.
The St. Petersburg, Florida-based investment manager bought $2.41 million worth of shares in Circle (CRCL) and added $3.46 million and $631,000 of Bullish (BLSH) and Coinbase (COIN) shares respectively, according to an emailed disclosure. Bullish is the parent company of CoinDesk.
ARK also bought $7.81 million worth of crypto-friendly investment platform Robinhood (HOOD), $3.25 million of Ethereum treasury company Bitmine Immersion Technologies (BMNR) and $1.8 million of Jack Dorsey's fintech firm Block (XYZ).
ARK holds these equities in its ARKK, ARKW and ARKF exchange-traded funds (ETFs).
All the aforementioned companies's share prices have suffered in recent days amid the selloff in the crypto market which saw bitcoin BTC$76,073.52 fall as low as $73,100 on Tuesday, its lowest point since late 2024.
CRCL and COIN both dropped around 4.5% on Tuesday, while BLSH fell just under 4%.
ARK frequently buys into weaknesses in the crypto market to capitalize on the possibility of capturing greater value from equities. Tuesday's activity followed larger buys the day before, in which ARK added $32.7 million worth of HOOD, $9.4 million of CRCL ad $6 million of BLSH.