Cathie Wood’s ARK Invest took advantage of bargain opportunities on Monday as major players in the crypto market, including Coinbase (COIN), Bullish (BLSH), and Circle (CRCL), continued their downward trend.
As revealed in an email disclosure, ARK’s approximately $59 million in crypto stock acquisitions comprised about $16.3 million in Coinbase, around $5.2 million in Bullish, and about $10.8 million in Circle Internet Group, along with roughly $17 million in Bitmine Immersion Technologies and around $9.9 million in CoreWeave.
Crypto stocks had been decreasing for several days prior to this latest selloff, with Bitmine dropping over 11% on the day, Circle decreasing nearly 10%, CoreWeave declining close to 8%, Coinbase falling over 6%, and Bullish extending its multi-day downturn as selling intensified across the sector.
ARK is known for purchasing during market downturns rather than pursuing upward trends, utilizing extended selloffs in crypto stocks to enhance its exposure even as prices continue to decline.
Crypto assets constitute a significant portion of ARK’s portfolio, with roughly $609 million invested in Coinbase, about $323 million in Circle Internet Group, around $275 million in Bitmine Immersion Technologies, approximately $194 million in Bullish, and about $140 million in CoreWeave, highlighting that the firm’s recent buying spree further bolstered their already substantial positions.
