Ark Invest CEO Wood stated earlier this month that the company is observing signs of undercurrents of deflation linked to new technology innovations.
Bitcoin News
Cathie Wood's Ark Invest acquired millions of dollars in shares across multiple crypto-related companies on Monday as these equities experienced notable price drops.
The firm purchased $17 million worth of BitMine shares, $16.26 million in $COIN shares, and $10.8 million in Circle Internet Group stock across three exchange-traded funds. ARKK, ARKW, and ARKF were used for the transactions.
Additional purchases included $5.94 million in Block Inc., $5.2 million in Bullish crypto exchange shares, and $1.24 million in Ark-21Shares Bitcoin ETF. All six items declined on Monday during the buying activity.
BitMine, the world's largest Ethereum treasury company, fell 11.22% to close at $30.95. Coinbase dropped 6.37% to $250.42, while Circle dipped 9.60% to $75.46.
Block shares declined 1.13% and Bullish shares dropped 2.55%. Ark's spot Bbitcoin ETF price fell 4.91% during Monday's trading session.
Bitcoin and the overall cryptocurrency market also declined on Monday. The largest cryptocurrency dropped 4.08% to $85,799, while Ethereum fell 5.74% to trade at $2,931 as of late Monday evening.
Ark Invest CEO Wood stated earlier this month that the company is observing signs of undercurrents of deflation linked to new technology innovations. She predicted a real break in inflation could occur in the coming year.
The purchases represent Ark's strategy of expanding exposure to crypto-related equities during price declines. The firm maintains positions across multiple sectors of the digital asset ecosystem through its various exchange-traded funds.
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