Ark Invest bought $11.6 million worth of shares in cryptocurrency exchange Bullish (BLSH) on Wednesday, marking the ninth consecutive day that the investment manager has increased its holdings of BLSH stock.
The St. Petersburg, Florida-based company purchased 364,134 shares of Bullish, which is also the parent company of CoinDesk, across its three exchange-traded funds (ETFs).
BLSH closed at $31.88 on Wednesday, down 0.53% on the day. The stock, which trades on the New York Stock Exchange, had previously recovered from a low of about $24.15 on February 5. Bitcoin’s Dropped below $63,000., still down 15.82% year-to-date.
Ark purchased about 2.1 million BLSH shares in the past nine trading days, worth about $58.75 million based on the stock’s daily closing price, according to the company’s disclosure via email.
In addition to Bullish, the Cathie Wood-led firm also bought $33.8 million worth of stock in cryptocurrency-friendly investment platform Robinhood (HOOD) and $4.37 million worth of stablecoin developer Circle Internet (CRCL) on Wednesday. These stocks fell 8.8% and 3.16% respectively.
As cryptocurrencies continue to slump and share prices of crypto-related companies are also at a low ebb, Ark sees this as a buying opportunity.