Cathie Wood’s ARK Invest went out bargain hunting on Monday as some of the crypto sector’s biggest listed names, including Coinbase (COIN), Bullish (BLSH), and Circle (CRCL), extended a multi-day decline.
According to the email disclosure, ARK’s roughly $59 million in crypto stock purchases included about $16.3 million from Coinbase, about $5.2 million from Bullish, and about $10.8 million from Circle Internet Group, followed by about $17 million from Bitmine Immersion Technologies and about $9.9 million from CoreWeave.
Cryptocurrency stocks had already been falling for several sessions before the latest sell-off, with Bitmine falling more than 11% on the day, Circle falling nearly 10%, CoreWeave falling nearly 8%, Coinbase falling more than 6% and Bullish extending a multi-day decline as selling accelerated across the sector.
ARK has a long history of buying during drawdowns rather than looking for strength, using multi-day sell-offs in cryptocurrency stocks to add exposure even as prices continue to fall.
Crypto plays a large part in ARK’s holdings, with about $609 million in Coinbase, about $323 million in Circle Internet Group, about $275 million in Bitmine Immersion Technologies, about $194 million in Bullish, and about $140 million in CoreWeave, underscoring that the company’s recent buying slump added to already sizable positions.
