Ark Invest bought a total of $21.5 million worth of shares in Coinbase (COIN), Circle Internet (CRCL) and Bullish (BLSH) on Friday, marking the company’s first purchases of these stocks since mid-December.
The investment manager, led by Cathie Wood, has increased holdings in three companies in its Innovation (ARKK) and Blockchain and FinTech Innovation (ARKF) exchange-traded funds (ARKF), according to an email disclosure.
Ark added 129,446 shares of stablecoin developer Circle, worth $9.2 million based on Friday’s closing price of $71.33. The price of CRCL was little changed on Friday, but fell nearly 10% for the week.
It also purchased 42,179 shares of cryptocurrency exchange Coinbase and 88,533 shares of CoinDesk owner Bullish, valued at $9.15 million and $3.17 million respectively. The former fell 2.77% on Friday, while the latter fell 2%.
The crypto market returned to bearish territory last week, with Bitcoin falling nearly 6% from a week ago on Friday, falling below the $90,000 mark.
Ark’s long-standing approach has been to buy the dip, seeking greater value that may come from a multi-day decline.