Cathie Wood’s firm buys millions in Coinbase, BitMine, Circle, and Bullish shares as digital asset market faces sustained correction.
Ark Invest executed its largest daily crypto-related stock purchases this week, acquiring stakes in Coinbase, BitMine, Circle, and Bullish. The moves come as crypto markets and associated equities continue to experience a multi-week pullback, erasing roughly $1 trillion from the global crypto market since Bitcoin’s recent all-time high.
Details of Ark’s Purchases
According to Ark Invest’s trade filings, the firm purchased:
- $10.1 million in Coinbase shares
- $9.9 million in Ethereum treasury firm BitMine
- $9 million in Circle
- $9.65 million in Bullish
The purchases were made across Ark’s Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF). Additionally, Ark invested $16.8 million in Nvidia and $6.8 million in Robinhood shares on Thursday.
Experts note that such bulk buying reflects Ark’s continued confidence in long-term growth potential of crypto and fintech equities, despite short-term market volatility.
Market Context
Crypto-related stocks extended their recent losses as part of a broader digital asset correction. Key performance highlights include:
- Coinbase: down 7.44%, closing at $238.16
- BitMine: down 10.83%, closing at $26.02
- Circle: down 4%, closing at $66.93
- Bullish: up 0.30%, closing at $36.50 but down 37.88% over the past month
Bitcoin also fell 8.41% to $81,641, with the overall crypto market declining 6.26% over the last 24 hours, according to market data.
The ongoing sell-off reflects broader market pressures, but Ark’s purchases suggest that institutional investors are positioning for long-term upside amid temporary volatility.
While crypto-related equities and digital assets face short-term corrections, Ark Invest’s strategic acquisitions signal confidence in the underlying growth potential of the sector. The firm’s sizable purchases highlight the role of institutional investors in supporting and stabilizing the crypto ecosystem, even during periods of significant market pullback.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.