Ark Invest, the investment firm of noted technology investor Cathie Wood, continues to buy the dip on crypto-related equities.
The firm added shares of crypto exchange Coinbase (COIN), Ethereum treasury firm BitMine Immersion Technologies (BMNR), USDC stablecoin issuer Circle (CRCL), and other crypto-related stocks on Thursday amid the broader market selloff.
The bulk of the share additions came in Ark’s Fintech Innovation ETF (ARKF), which now boasts nearly $58 million worth of COIN shares after it added approximately $10 million or 42,419 shares of the American crypto exchange on Thursday.
COIN is the second-largest holding in the ETF, trailing only Shopify.
Wood and her firm also added more than $9 million each in shares of BMNR and CRCL, $9.75 million worth of crypto exchange Bullish (BLSH) across three of its ETFs, and around $6.7 million in Robinhood (HOOD).
Thursday’s purchases are just the latest in a string of additions for Ark Invest.
Last week, it added around $30 million worth of shares in stablecoin issuer Circle, despite shares dropping to prices not seen since its massive IPO.
The week prior, BitMine was the highlighted share of choice when Wood’s firm bolstered its position of BMNR despite falling shares and declining ETH, the firm’s primary treasury asset.
The dip buys have increased the firm’s exposure to the crypto markets, highlighted by more than $500 million in total shares of Coinbase across three of its ETFs.
Those same ETFs also hold around $244 million worth of Circle shares, $408 million of Robinhood, $196 million of BitMine, and $144 million in Bullish as of the end of trading Thursday.
Wood has been famous for her bullishness in Bitcoin as well, predicting price targets north of $1 million in the future. But thanks to the rise of stablecoin adoption, she recently cut her BTC price target, predicting the top crypto asset will reach around $1.2 million per coin by 2030 instead of her previous target of $1.5 million.
Bitcoin will need to jump around 1,335% to reach that mark though as it continued its slide, dropping nearly 4.3% in the last 24 hours and recently trading at $83,597.
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