On Tuesday, Ark Invest hunted for bargains for the second day in a row, snapping up $19 million worth of shares in cryptocurrency companies.
The St. Petersburg, Florida-based investment manager bought $2.41 million worth of shares in Circle (CRCL) and added $3.46 million and $631,000 in shares of Bullish (BLSH) and Coinbase (COIN), respectively, according to an emailed disclosure. Bullish is the parent company of CoinDesk.
ARK also bought $7.81 million in crypto investment platform Robinhood (HOOD), $3.25 million in Ethereum treasury company Bitmine Immersion Technologies (BMNR), and $1.8 million in Jack Dorsey’s fintech company Block (XYZ).
ARK holds these shares in its ARKK, ARKW, and ARKF exchange-traded funds (ETFs).
The share prices of all the aforementioned companies have suffered in recent days amid the sell-off in the crypto market that saw bitcoin drop as low as $73,100 on Tuesday, its lowest point since late 2024.
CRCL and COIN fell around 4.5% on Tuesday, while BLSH fell just under 4%.
ARK frequently buys weaknesses in the cryptocurrency market to capitalize on the possibility of capturing greater value from the shares. Tuesday’s activity followed larger purchases the previous day, which saw ARK add $32.7 million in HOOD, $9.4 million in CRCL, and $6 million in BLSH.
