Ark Invest added $39.6 million to its holdings of shares of three crypto companies on Wednesday as the broader crypto market fell.
Cathie Wood’s investment management firm added 463,598 shares of the crypto exchange Bullish (BLSH), worth $16.9 million at the close of trading, according to an emailed disclosure. It also bought 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) and 260,651 of ether. asset treasury firm Bitmine Immersion Technologies (BMNR), worth $15.1 million and $7.6 million, respectively.
The St. Petersburg, Florida-based company owns crypto and crypto-adjacent stocks in three of its exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF).
The fall of the cryptocurrency market, in which bitcoin was seen falling as low as $89,000 this week, has affected the share prices of crypto companies. Both CRCL and BMNR fell around 9% on Wednesday, while BLSH, which owns CoinDesk, lost 3.63%. The CoinDesk 20 Index (CD20) fell 3.22%.
Ark Invest frequently hunts for bargains when stock prices appear depressed, sometimes to capture maximum value from stocks it remains bullish on long-term, and sometimes to rebalance its ETF holdings within its specific parameters.
