Ark Invest buys shares in Peter Thiel-backed Bullish for 10 straight days

Cathie Wood-led Ark Invest purchased additional Bullish and Circle shares on Wednesday, exemplifying its long-term conviction in crypto.

The firm bought a total of 364,044 Bullish shares across three of its exchange-traded funds, worth $11.6 million based on Wednesday's closing price, according to the firm's latest trading disclosures.

This marks the tenth consecutive trading day that Ark expanded its position in the Peter Thiel-backed crypto exchange.

After falling to its lowest closing price of $24.90 on Feb. 9, Bullish has recovered somewhat over the past five days, rising 28.3%. It closed Wednesday at $31.88, down 0.5% for the day, according to The Block's BLSH price page.

Ark’s investment strategy involves letting no individual holding take up more than 10% of a fund's portfolio. This is to maintain diversification within its funds — meaning Ark is likely to continue rebalancing its weightings if the value of a stock rises or falls significantly relative to Ark's other holdings in its funds.

Ark also purchased 75,559 shares in Circle, worth roughly $4.4 million. The USDC issuer dropped 3.2% on Wednesday, closing at $57.86. While its stock price rose 7.8% in the past five days, it has fallen 30% over the past month. Additionally, the firm bought 433,806 shares in Robinhood, worth $33.8 million.

Major equity indexes also edged lower on Wednesday — the Dow Jones Industrial Average fell 0.1% while the Nasdaq Composite dropped 0.2%. The S&P 500 traded flat for the day.

Meanwhile, bitcoin gained 0.2% in the past 24 hours to $67,143, The Block's BTC price page shows. Ether rose 0.9% to $1,968.

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