Crypto Stocks Slide as ARK Invest Increases Holdings in Bullish, Circle, and BitMine

By: Eliza Bennet

The crypto market experienced notable fluctuations recently, notably as Cathie Wood's ARK Invest increased its holdings in key crypto-related entities, despite an overall downturn in digital asset-focused stocks. ARK Invest, renowned for its strategic investments, acquired over $39 million in shares from companies like Bullish, Circle, and BitMine amidst a broader market decline.

In particular, ARK's strategic maneuver involved significant acquisitions across multiple exchange-traded funds (ETFs). The ARK Fintech Innovation ETF (ARKF) secured 48,011 shares of Bullish, while the ARK Next Generation Internet ETF (ARKW) added 92,670 shares. The most substantial acquisition came from the ARK Innovation ETF (ARKK), which purchased 322,917 shares, cumulatively accounting for $16.8 million.

Moreover, ARK's purchasing spree extended to Circle, the company behind the USDC stablecoin. The ARK Fintech Innovation ETF acquired 22,327 shares, ARKW added another 43,174, and ARKK purchased 150,518 shares, collectively valued at approximately $15 million. These strategic acquisitions highlight ARK’s unwavering confidence in the potential of crypto stocks, irrespective of the prevailing market volatility.

However, despite ARK's aggressive buying, the broader spectrum of digital asset-focused stocks, including Circle and Bitcoin Treasuries, experienced a decline. This downturn occurred as Bitcoin and other leading cryptocurrencies continued to record losses, contrasting the relative stability observed in technology stocks during the same period. These developments underscore the intricate dynamics within the digital asset market and illustrate ARK Invest's distinct approach to leveraging such conditions.