What to know : Cathie Wood's ARK Invest purchased nearly $60 million in crypto equities, including significant investments in Coinbase, Bullish, and Circle. ARK's strategy involves buying during market drawdowns, as evidenced by their recent purchases amid a multi-day slide in crypto stocks. Crypto stocks have been declining, with Bitmine, Circle, CoreWeave, Coinbase, and Bullish all experiencing notable drops.
Cathie Wood’s ARK Invest went bargain hunting on Monday, as some of the biggest listed names in the crypto sector, including Coinbase (COIN), Bullish (BLSH), and Circle (CRCL), extended a multi-day slide.
According to the email disclosure, ARK’s roughly $59 million in crypto stock purchases included about $16.3 million of Coinbase, roughly $5.2 million of Bullish, and around $10.8 million of Circle Internet Group, followed by about $17 million of Bitmine Immersion Technologies and roughly $9.9 million of CoreWeave.
Crypto stocks had already been sliding for several sessions before the latest selloff, with Bitmine down more than 11% on the day, Circle falling nearly 10%, CoreWeave dropping close to 8%, Coinbase sliding over 6% and Bullish extending a multi-day decline as selling accelerated across the sector.
ARK has a long track record of buying into drawdowns rather than chasing strength, using multi-day selloffs in crypto stocks to add exposure even as prices continue to fall.
Crypto plays a large part of ARK’s holdings, with roughly $609M in Coinbase, about $323M in Circle Internet Group, around $275M in Bitmine Immersion Technologies, approximately $194M in Bullish, and about $140M in CoreWeave, underscoring that the firm’s recent dip buying added to already sizable positions.
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