Cathie Wood’s ARK Invest It’s a bargain on Monday as some of the biggest public companies in the cryptocurrency space, including Coinbase (COIN), Bullish (BLSH) and Circle (CRCL), extended multi-day losses.
According to the email disclosure, approximately $59 million in cryptocurrency stocks purchased by ARK included approximately $16.3 million in Coinbase, approximately $5.2 million in Bullish, and approximately $10.8 million in Circle Internet Group, followed by approximately $17 million in Bitmine Immersion Technologies and approximately $9.9 million in CoreWeave.
Cryptocurrency stocks had been down for several consecutive sessions before the latest sell-off, with Bitmine down more than 11% on the day, Circle down nearly 10%, CoreWeave down nearly 8%, and Coinbase down more than 6%, with the bullishness extending a multi-day decline as the industry-wide selloff accelerated.
ARK has long been buying pullbacks rather than chasing strength, taking advantage of multi-day selloffs in cryptocurrency stocks to increase exposure even as prices continue to fall.
Cryptocurrencies make up a large portion of ARK’s holdings, with Coinbase holding about $609 million, Circle Internet Group about $323 million, Bitmine Immersion Technologies about $275 million, Bullish about $194 million and CoreWeave about $140 million, underscoring the company’s recent dip buying adding to an already sizable position.
