Ark Invest tends to load up on shares of cryptocurrency companies when their prices are depressed, and June was no exception.
Bitcoin the largest cryptocurrency, recorded its worst month in four years, and stock prices of digital asset companies suffered as a result, which Ark interpreted as a buying opportunity.
The St. Petersburg, Florida-based investment manager purchased $44 million worth of shares on crypto exchange Coinbase (COIN), based on closing prices on the days the purchases were made. It purchased $25.25 million worth of equity in Circle Internet (CRCL), issuer of the world’s second-largest stablecoin USDC, and $8.2 million worth of crypto exchange Bullish (BLSH), the parent company of CoinDesk, according to emailed disclosures.
Circle shares fell 40% in June, ending the month at $62.63. The drop included an 18% drop on June 30 following the launch of rival stablecoin Open USD, backed by more than 140 companies including Coinbase, Stripe, Visa, Mastercard and BlackRock.
COIN ended June down just under 20% at $146.19, while BLSH fell 27% to $23.43.
