Ark Invest hunted for bargains for a second straight day on Tuesday, acquiring shares of cryptocurrency companies worth $19 million.
The St. Petersburg, Fla.-based investment manager purchased $2.41 million worth of Circle (CRCL) shares and added $3.46 million and $631,000 worth of Bullish (BLSH) and Coinbase (COIN) shares, respectively, according to an emailed disclosure. Bullish is the parent company of CoinDesk.
ARK also purchased $7.81 million worth of crypto-friendly investment platform Robinhood (HOOD), $3.25 million worth of Ethereum treasury company Bitmine Immersion Technologies (BMNR), and $1.8 million worth of Jack Dorsey’s fintech company Block (XYZ).
ARK holds these shares in its exchange-traded funds (ETFs) ARKK, ARKW and ARKF.
The stock prices of all the aforementioned companies have suffered in recent days due to the massive sell-off in the crypto market that saw bitcoin fall as low as $73,100 Tuesday, its lowest point since the end of 2024.
CRCL and COIN both fell about 4.5% on Tuesday, while BLSH fell just under 4%.
ARK frequently buys weaknesses in the crypto market to capitalize on the opportunity to extract greater value from stocks. Tuesday’s activity follows larger purchases the day before, in which ARK added $32.7 million of HOOD, $9.4 million of CRCL and $6 million of BLSH.
