Ark Invest snapped up $19 million worth of cryptocurrency company shares on Tuesday in a second straight day of bargain hunting.
According to an email, the St. Petersburg, Florida-based investment manager bought $2.41 million worth of Circle (CRCL) stock and increased its holdings of Bullish (BLSH) and Coinbase (COIN) shares by $3.46 million and $631,000, respectively. Bullish is the parent company of CoinDesk.
ARK also acquired crypto-friendly investing platform Robinhood (HOOD) worth $7.81 million, ethereum finance company Bitmine Immersion Technologies (BMNR) worth $3.25 million, and Jack Dorsey’s fintech company Block (XYZ) worth $1.8 million.
ARK holds these stocks in its ARKK, ARKW and ARKF exchange-traded funds (ETFs).
The share prices of all of the aforementioned companies have been affected in recent days due to the sell-off in the cryptocurrency market. Bitcoin Dropped to $73,100 On Tuesday, it was the lowest since late 2024.
CRCL and COIN were both down about 4.5% on Tuesday, while BLSH was down just under 4%.
ARK often exploits weaknesses in the cryptocurrency market by buying to take advantage of the possibility of extracting greater value from the stock. Tuesday’s activity follows larger purchases the day before, with ARK adding $32.7 million worth of HOOD, $9.4 million of CRCL and $6 million of BLSH.