According to daily trading disclosures from Ark Invest, on Wednesday, Ark further increased its exposure to crypto-related stocks by purchasing Bullish, Circle Internet Group, and BitMine Immersion Technologies across multiple exchange-traded funds (ETFs). Specifically, the ARK Fintech Innovation ETF (ARKF) bought 48,011 shares of Bullish, the Next Generation Internet ETF (ARKW) added 92,670 shares, while the Innovation ETF (ARKK) made a one-time purchase of 322,917 shares of Bullish, totaling $16.8 million.
Subsequently, Ark made a significant purchase of stablecoin issuer Circle. ARKF acquired 22,327 shares, ARKW bought 43,174 shares, and ARKK increased its holdings by 150,518 shares, amounting to approximately $15 million.
Additionally, Ark also increased its stake in BitMine. ARKF purchased 26,923 shares, ARKW added 51,954 shares, and ARKK accumulated a total of 181,774 shares in one day, totaling $7.6 million.
These purchases occurred as the crypto market retreated from its October highs, with crypto-related stocks generally weakening.
Bullish fell 3.63% to $36.39 on the day, continuing its recent decline, but slightly rebounded in after-hours trading. Circle closed down nearly 9% at $69.72. BitMine closed down 9.5% at $29.18, but rebounded over 6% in after-hours trading.
Strategy, the Bitcoin financial company led by Michael Saylor, faced a larger hit, dropping 9.82% on the day, but also saw some recovery in after-hours trading.
Notably, ARK has been on a buying spree in crypto over the past week, despite falling crypto prices. On Monday, the firm purchased $10.2 million worth of BitMine stock as its price hit a new low.
According to Cointelegraph, Nvidia reported another strong quarter on Wednesday, with revenue of $57 billion and profit of $31.9 billion, both significantly exceeding Wall Street expectations. The chipmaker also issued a strong revenue forecast for the fourth quarter, reaching $65 billion, alleviating weeks of market anxiety over whether AI demand was beginning to cool.
The optimistic earnings report boosted sentiment for tech and crypto-related stocks. Nvidia's stock rose over 5% in after-hours trading, passing the momentum to large tech companies, with Apple, Microsoft, Alphabet, Amazon, and Meta all seeing gains in after-hours trading.
Related: Even as BTC prices drop to $89,000, Bitcoin futures traders refuse to surrender.
Original: “Analyst: Cathie Wood's Ark Invest Loads Up on Circle, BitMine, and Bullish as Crypto Stocks Slide”
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