Ark Invest added $39.6 million to its holdings of three crypto company stocks on Wednesday, as the broader crypto market fell.
Cathie Wood’s investment management firm added 463,598 shares of crypto exchange Bullish (BLSH), worth $16.9 million as trading closed, according to an emailed disclosure. He also purchased 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) and 260,651 of Ether. asset treasury company Bitmine Immersion Technologies (BMNR), worth $15.1 million and $7.6 million, respectively.
The St. Petersburg, Florida-based company holds crypto and crypto-adjacent stocks in three of its exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF).
The fall of the cryptocurrency market, which saw bitcoin falling as low as $89,000 this week, took a toll on the stock prices of crypto companies. CRCL and BMNR fell around 9% on Wednesday, while CoinDesk owner BLSH lost 3.63%. The CoinDesk 20 Index (CD20) fell 3.22%.
Ark Invest frequently goes bargain hunting when stock prices appear depressed, sometimes to make the most of stocks it remains bullish on for the long term and sometimes to rebalance its ETF holdings within its targeted parameters.
