ARK Invest added an additional $25.4 million to its holdings of cryptocurrency stocks on Wednesday as their share prices fell along with the prices of major cryptocurrencies.
Cathie Wood’s investment management firm bought 360,232 shares of Ethereum Finance company Bitmine Immersion Technologies (BMNR), valued at $10.6 million at closing. On Wednesday, BMNR fell more than 6.5% to $29.32.
ARK also added $8.85 million worth of cryptocurrency exchange Bullish (BLSH) stock and $5.91 million worth of Coinbase (COIN) stock. Bullish fell 1.93% to $42.15, and COIN fell 8.6% to $244.19.
While cryptocurrency markets saw a brief rebound in early U.S. trade, Bitcoin It surged to nearly $90,000, but the gains were short-lived and the largest cryptocurrency subsequently fell to lows around $85,300. As of the close of trading, it was trading at just over $86,000, down about 2% in the past 24 hours.
ARK’s purchasing practices follow A nearly $60 million acquisition spree Monday also coincided with a market plunge. Bitcoin fell about 2%, CoinDesk data showed.
The St. Petersburg, Florida-based company often increases cryptocurrency holdings in its exchange-traded funds (ETFs) when prices plummet to add exposure to greater value.
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