ARK Invest added another $25.4 million in cryptocurrency shares on Wednesday, as shares fell along with the price of major cryptocurrencies.
Cathie Wood’s investment management company bought 360,232 ether shares the treasury company Bitmine Immersion Technologies (BMNR), worth $10.6 million at closing. BMNR fell more than 6.5% to $29.32 on Wednesday.
ARK also added $8.85 million in shares of the Bullish (BLSH) crypto exchange and $5.91 million in Coinbase (COIN). Bullish fell 1.93% to $42.15 and COIN lost 8.6% to $244.19.
While the cryptocurrency market saw a brief rally during the US morning, with bitcoin Reaching almost $90,000, the gains were short-lived and the largest cryptocurrency subsequently fell to a low around $85,300. It traded at just over $86,000 at the close of business, down about 2% in the previous 24 hours.
ARK purchases follow a buying spree for almost 60 million dollars on Monday, which also coincided with a market decline. Bitcoin fell about 2%, CoinDesk data shows.
The St. Petersburg, Florida-based company often increases cryptocurrency holdings in its exchange-traded funds (ETFs) when prices fall to add exposure to higher value.
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