Cathie Wood’s ARK Invest went bargain hunting on Monday as some of the biggest listed names in the crypto space, including Coinbase (COIN), Bullish (BLSH), and Circle (CRCL), extended a multi-day decline.
According to the emailed disclosure, ARK’s crypto stock purchases of approximately $59 million included approximately $16.3 million from Coinbase, approximately $5.2 million from Bullish, and approximately $10.8 million from Circle Internet Group, followed by approximately $17 million from Bitmine Immersion Technologies and approximately $9.9 million from CoreWeave.
Crypto stocks had already fallen for several sessions before the latest sell-off, with Bitmine down more than 11% on the day, Circle down almost 10%, CoreWeave down almost 8%, Coinbase down more than 6% and Bullish extending a multi-day decline as selling accelerated across the sector.
ARK has a long history of buying dips rather than looking for strength, using multi-day sell-offs in crypto stocks to add exposure even as prices continue to fall.
Crypto makes up a large portion of ARK’s holdings, with about $609 million in Coinbase, about $323 million in Circle Internet Group, about $275 million in Bitmine Immersion Technologies, about $194 million in Bullish, and about $140 million in CoreWeave, highlighting that the company’s recent dip purchases have added to already large positions.
