What to know : Ark Invest bought $11.6 million worth of shares in cryptocurrency exchange Bullish on Wednesday, the ninth consecutive day the investment manager has bought the stock. The investment company has bought around 2.1 million BLSH shares over the period, worth about $58.75 million based on the stock's closing price each day. The Cathie Wood-led company also bought $33.8 million of crypto-friendly investment platform Robinhood (HOOD) shares and $4.37 million worth of stock in stablecoin developer Circle Internet (CRCL) on Wednesday.
Ark Invest bought $11.6 million worth of shares in cryptocurrency exchange Bullish (BLSH) on Wednesday, the ninth consecutive day the investment manager has added to its BLSH holdings.
The St. Petersburg, Florida-based company bought 364,134 shares in Bullish, which is also the parent company of CoinDesk, across three of its exchange-traded funds (ETFs).
BLSH closed at $31.88 on Wednesday, 0.53% lower on the day. The New York Stock Exchange-listed shares had previously recovered from a low of around $24.15 on Feb. 5 amid bitcoin's fall below $63,000., They remain 15.82% lower year-to-date.
Ark has bought around 2.1 million BLSH shares in the last nine trading days, according to emailed disclosures from the firm, worth about $58.75 million based on the closing prices of the stock each day.
In addition to Bullish, the Cathie Wood-led company bought $33.8 million of crypto-friendly investment platform Robinhood (HOOD) shares and $4.37 million worth of stock in stablecoin developer Circle Internet (CRCL) on Wednesday. These equities dropped by 8.8% and 3.16% respectively.
With the cryptocurrency suffering an extended downturn, crypto-adjacent companies' shares are also at a low ebb, which Ark views as a buying opportunity.
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