Tuesday’s purchases followed a heavier acquisition round on Monday, in which Ark Invest bought crypto-related stocks worth more than $71 million.
The broader digital asset market is in a bearish state, but some experts are taking advantage of the dip to expand their cryptocurrency exposure. Ark Invest, Cathie Wood’s investment management company, is one of them, having snapped up thousands of stocks linked to crypto companies in recent trading days.
According to the latest trade submit from Ark Invest, the company spent more than $19 million on February 3 to buy additional crypto-related stocks through its exchange-traded funds (ETFs). The acquired shares are linked to multiple companies, including stablecoin issuer Circle, crypto exchanges Coinbase and Bullish, and Ethereum treasury company Bitmine.
Ark Invest buys crypto shares
On Tuesday, Ark Invest bought 145,488 Bitmine shares for $3.25 million and 125,218 Bullish shares for $3.46 million. In addition, the company purchased 42,878 Circle shares for $2.4 million and 3,510 Coinbase shares for $630,606. Notably, Ark Invest also used Bitcoin-focused technology entity Block Inc. and financial services firm Robinhood, purchasing shares totaling 31,202 and 89,677 for $1.77 million and $7.8 million, respectively.
Tuesday’s purchases followed a heavier acquisition round on Monday. Ark Invest had picked up crypto-related stocks worth more than $71 million.
Similarly, Monday’s purchases included shares of Coinbase, Circle, Bitmine, Robinhood, Bullish and Block Inc. The company made these purchases through several ETFs, including ARK Blockchain & Fintech Innovation ETF (ARKF) and ARK Innovation ETF (ARKK).
Market crashes while BTC falls
Since bitcoin (BTC) began its descent late last year, crypto stocks have followed suit. Data from Trading View shows that shares of most crypto-related companies have fallen by double digits over the past three months. Their decline has intensified as BTC remains below $90,000 and is at risk of falling below $60,000. At the time of writing, the top digital asset was changing hands at $76,000, down 17% month-over-month and 14% week-over-week.
As BTC and the broader market continues to fall, Ark Invest is buying. The asset manager spent millions of dollars on crypto-related stocks in December and January. From the looks of it, the company will likely continue buying crypto stocks as long as the bearish season lasts.
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