ARK Invest Buys $43.5 Million of Coinbase, Circle and Other Crypto-Linked Stocks on Dip
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Cathie Wood’s ARK Invest used the recent crypto-market selloff as a buying opportunity, snapping up shares of publicly traded companies tied to digital assets.
Cointelegraph reported on June 30 that ARK Invest purchased a combined $43.5 million of crypto-related stocks, including Coinbase Global Inc. and Circle Internet Group Inc., over the past three trading sessions.
ARK disclosure data show the firm bought an additional 122,544 shares of Coinbase worth about $18.6 million and 169,777 shares of Circle worth about $12.9 million. It also added about $5.2 million of shares in crypto exchange Bullish and about $5.12 million of Robinhood Markets Inc. Robinhood has aggressively expanded its crypto tokenization business in recent months. ARK also purchased about $1.69 million of SoFi Technologies Inc. shares on June 30.
The purchases came as those stocks slumped. Over the past month, Circle fell 27.6%, Coinbase dropped 16.9% and Bullish slid 26.3%. Over the same period, Bitcoin fell to $58,190, its lowest level in about two years.
Most of the newly purchased shares were added to ARK’s flagship ARK Innovation ETF, while some were allocated to the ARK Next Generation Internet ETF and the ARK Fintech Innovation ETF.
