CMC News

#ArkInvest Adds $25M in #Crypto Stocks During Dip

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 $BTC 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.