Cathie Wood’s ARK continues to be a dip buyer, snapping up shares worth millions of dollars Monday as the market swooned and offered bargain prices.
The company bought about $72 million worth of crypto stocks in its various funds as bitcoin briefly fell below $75,000, leading to widespread losses in crypto-related stocks.
The purchases included exchanges, brokerages and infrastructure providers, with Robinhood, Circle Internet, Coinbase, Bullish, CoreWeave, Bitmine Immersion Technologies and Block among the names added in ARKF, ARKK and ARKW according to daily disclosures. Bullish is the parent company of CoinDesk.
Across its funds, Ark Invest purchased approximately $32.7 million of Robinhood (HOOD), $14.6 million of CoreWeave (CRWV), $9.4 million of Circle (CRCL), $6.3 million of Bitmine (BMNR), $6.0 million of Bullish (BLSH), $1.9 million of Block (XYZ), and $1.3 million of Coinbase (COIN).
The strategy aligns with Ark’s long-standing approach of buying into stock weakness tied to broader crypto volatility, betting that cyclical downturns will eventually give way to renewed adoption and higher trading volumes. The latest dip trade follows the company’s $21.5 million purchases of Coinbase, Circle and Bullish in late January, as bitcoin slipped below $90,000.
This also fits with CEO Cathie Wood’s recent argument that bitcoin can be a “good source of diversification” for investors, citing research from Ark showing that the token’s correlations with stocks, bonds and gold have historically been lower than those assets’ correlations with each other.
