Ark Invest scoops up Coinbase, BitMine, Circle and Bullish shares in week's biggest move
Quick Take
- Ark bought $10.1 million in Coinbase shares, $9.9 million in BitMine, $9 million in Circle, and $9.65 million in Bullish.
- Crypto-related stocks extended their slide, mirroring the sustained pullback across the broader digital asset market.
Cathie Wood's Ark Invest bought a bulk of crypto-related stocks on Thursday across three of its exchange-traded funds as part of its largest daily purchase this week.
According to its trade filing, the company bought $10.1 million in Coinbase shares, $9.9 million in Ethereum treasury firm BitMine, $9 million worth of Circle shares and $9.65 million in Bullish crypto exchange shares.
Ark made the purchases through the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech innovation ETF (ARKF).
As part of its buying spree, Ark Invest also deployed $16.8 million into buying Nvidia and $6.8 million into Robinhood shares on Thursday.
Ark appears to be increasing its purchases of crypto-related stocks as they extend losses this week. Coinbase fell 7.44% to close at $238.16 on Thursday. BitMine dropped 10.83% to $26.02, while Circle lost 4% to $66.93. Bullish crypto exchange closed Thursday up 0.30% at $36.50, but remains down 37.88% in the past month.
The decline in crypto-related stocks mirrors a sustained pullback across the broader crypto market, extending a multi-week correction that has wiped out around $1 trillion in total market capitalization since bitcoin's all-time high last month.
The Block's price data shows that Bitcoin is currently trading at around $85,641, down 7.41% in the last 24 hours, alongside drops across other major cryptocurrencies. The entire crypto market is down 6.26% in the past day.
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