Cathie Wood's Ark Invest buys the dip on BitMine, Coinbase, Circle shares

Cathie Wood's Ark Invest expanded its exposure to BitMine, Coinbase, Circle, Block and Bullish shares on Monday, stocking up as these crypto-related equities recorded a notable decline.

According to its trade filing, Ark Invest purchased $17 million worth of BitMine shares, $16.26 million worth of Coinbase shares, and $10.8 million worth of Circle Internet Group across three of its exchange-traded funds — ARKK, ARKW, and ARKF — on Monday.

Ark also bought $5.94 million worth of Block Inc., $5.2 million worth of Bullish crypto exchange shares, and $1.24 million worth of its Ark-21Shares Bitcoin ETF.

All six items that Ark bought declined on Monday. BitMine, the world's largest Ethereum treasury company, fell 11.22% to close the day at $30.95. Coinbase dropped 6.37% to $250.42, while Circle dipped 9.60% to $75.46. Block shares fell 1.13% and Bullish shares dropped 2.55%. Ark's spot bitcoin ETF price declined by 4.91% on Monday.

Bitcoin and the overall cryptocurrency market also declined on Monday. The world's largest cryptocurrency is down 4.08% to $85,799, while ether is down 5.74% to trade at $2,931 as of 11:10 p.m. on Monday.

Earlier this month, Ark Invest CEO Wood reiterated her point made in a previous webinar that the company is seeing signs of the "undercurrents of deflation" linked to new tech innovations, and predicted that there could be a "real break" in inflation in the coming year.