Cathie Wood's ARK Invest continues to increase its holdings in crypto-related stocks, adding to its positions in Bullish and Robinhood during a general downturn in the industry.
According to trading notifications on Tuesday, ARK Invest's flagship fund, the ARK Innovation ETF (ARKK), purchased 356,346 shares of Bullish, valued at approximately $21.2 million, and 150,908 shares of Robinhood Markets, valued at $16.2 million.
Last week, ARK Invest made significant purchases of Bullish, acquiring a total of 2.53 million shares through three ETFs on the day the crypto exchange went public on the New York Stock Exchange, valued at $172 million.
ARK Invest has also been steadily increasing its holdings in Robinhood, buying the company's stock for three consecutive trading days. The firm purchased $14 million worth of Robinhood stock on Monday and another $9 million on Friday.
This increase in holdings comes at a time when ARK Invest had previously sold off Robinhood shares multiple times last year to comply with the SEC Rule 12d3-1, which prohibits ETFs from holding more than 5% of their assets in securities related to registered brokers or advisors.
On Tuesday, both Bullish and Robinhood stocks fell. Bullish closed down 6.09% at $59.51 and dropped another 3.24% in after-hours trading, while Robinhood fell 6.54% to $107.50, with an additional 1.23% decline in after-hours trading.
This sell-off is not an isolated incident. Crypto-related stocks generally declined, with Coinbase down 5.82%, Galaxy Digital down 10.06%, Strategy down 7.43%, and Circle down 4.49%. The Nasdaq Composite Index also fell 1.46%, reflecting broader market anxiety.
CNBC reported that last week, crypto stocks were buoyed by expectations of interest rate cuts, but investors have since retreated. Market attention has shifted to Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Conference, where dovish signals could stimulate a market rebound.
Last week, Bullish, which operates a cryptocurrency exchange and owns CoinDesk, priced its IPO above the previous expectation of $32–33 per share, raising $1.1 billion by issuing 30 million shares.
Bullish, headquartered in the Cayman Islands, closed its first trading day up 83.8% from the $37 offering price. The stock rose another 11.2% in after-hours trading. It opened at $90, reached a high of $118 during the day, more than 215% above the offering price, before pulling back.
Related: SoFi will become the first U.S. bank to integrate Bitcoin (BTC) Lightning Network and UMA.
Original article: “ARK Invest Goes Against the Trend: Invests $21 Million in Bullish and $16 Million in Robinhood”
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