Ark Invest buys more Circle, Bullish and BitMine as stocks fall sharply

Cathie Wood's Ark Invest purchased $17.7 million worth of Circle Internet Group shares, $16.9 million in Bullish stock and $7.6 million in BitMine across three of its exchange-traded funds on Wednesday, as stocks fell sharply at market close.

The ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech innovation ETF (ARKF) collectively bought 216,019 Circle shares and 463,598 Bullish shares, according to Ark's Wednesday trade filing.

The three ETFs also bought 260,651 shares of Tom Lee-led Ethereum treasury company BitMine Immersion Technologies.

All three companies saw their shares fall on Wednesday. Circle, the issuer of the USDC stablecoin, closed down 8.98% at $69.72. Bullish, the crypto exchange backed by Peter Thiel, fell 3.63% to $36.39. BitMine dropped 9.6% to finish at $29.18.

The drop in crypto-related stocks coincided with a broader crypto market pullback, with bitcoin currently trading at $91,795 — down from around $96,500 five days ago.

Bullish reported a profitable third quarter, posting $18.5 million in net income compared with a $67.3 million loss a year earlier, according to its earnings report released Wednesday. However, its digital asset sales fell to $41.6 billion from $54.2 billion in the same period last year.

Circle also reported $214 million in net income in the third quarter, which is a 202% year-over-year growth. BitMine is expected to release its next quarterly report on Nov. 21.