Ark Invest bought more than $75 million worth of COIN, CRCL and BLSH shares during the June bloodbath

Ark Invest tends to accumulate shares of cryptocurrency companies when their prices are depressed, and June was no exception.

bitcoin btc$58,470.16The largest cryptocurrency, recorded its worst month in four years and share prices of digital asset companies suffered accordingly, which Ark interpreted as a buying opportunity.

The St. Petersburg, Florida-based investment manager purchased $44 million worth of shares on the Coinbase (COIN) cryptocurrency exchange, based on closing prices on the days the purchases were made. It bought $25.25 million in shares of Circle Internet (CRCL), issuer of the world’s second-largest stablecoin, USDC, and $8.2 million in cryptocurrency exchange Bullish (BLSH), the parent company of CoinDesk, according to emailed disclosures.

Circle shares fell 40% in June, ending the month at $62.63. The drop included an 18% drop on June 30 following the debut of rival stablecoin Open USD, which is backed by more than 140 companies including Coinbase, Stripe, Visa, Mastercard and BlackRock.

COIN ended June down just under 20% to $146.19, while BLSH fell 27% to $23.43.