Ark bought the three companies' shares mostly through the Ark Innovation ETF (ARKK), according to trade filings.
Crypto News
Ark Invest purchased $13.5 million worth of Block Inc. shares, $7.6 million in Circle Internet Group, and $3.86 million in Coinbase on Tuesday. The buying spree came amid falling prices and a broader crypto market downturn.
Cathie Wood's firm continued to increase exposure to cryptocurrency-related stocks through multiple exchange-traded funds. Ark bought the three companies' shares mostly through the Ark Innovation ETF (ARKK), according to trade filings.
Coinbase represents ARKK's fourth-largest holding worth $391 million, accounting for roughly 5.22% of the fund's portfolio. The fund also holds $179 million worth of Circle, representing 2.39% of holdings, and $85.2 million worth of Block.
Ark Invest added $1.52 million worth of Bullish stock, $878,794 in Robinhood Markets, and $2.8 million worth of its own Ark-21Shares spot Bitcoin ETF on Tuesday. The company has steadily added more crypto-related stocks to its ETFs in recent weeks.
Block, the cryptocurrency-focused financial services company co-founded by Jack Dorsey, closed up 2.96% on Tuesday at $63.69. However, the stock remains down 20.54% over the past month despite the modest daily gain.
USDC issuer Circle fell 3.62% to $70.11, which is 51% lower than its price a month ago. Coinbase also dipped 0.72% on Tuesday and 30% over the past month as the sector faces pressure.
The drop in crypto-related stocks coincides with ongoing market depreciation, primarily due to thin liquidity and uncertainty over the macroeconomic environment. Bitcoin is currently trading at $87,948, down from its $126,000 all-time high recorded just six weeks ago.
Ark Invest is taking advantage of recent market underperformance in cryptocurrency stocks to build positions. The firm's strategy involves accumulating shares during periods of weakness across the digital asset ecosystem.
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