ARK Invest’s $39M Crypto Stock Buying Spree Amid Market Dip
Cathie Wood's ARK Invest capitalized on Wednesday's crypto stock slump, deploying $39 million across Bullish, Circle, and BitMine shares. The move signals continued institutional confidence in digital asset infrastructure despite short-term volatility.
The investment firm acquired 463,598 Bullish shares worth $17.5 million through three ETFs, with ARK Innovation ETF (ARKK) claiming the lion's share at 322,917 shares. Circle Internet Group saw $16.5 million in inflows as ARK added 216,019 shares of the USDC issuer.
BitMine Immersion Technologies rounded out the purchases with $8.4 million for 260,651 shares. These accumulations occurred as crypto-linked equities tumbled—Bullish closed down 3.63%, while Circle and BitMine fell 9% and 9.5% respectively.
The buys coincided with ARK's $16.6 million divestment of AMD stock, illustrating portfolio rebalancing toward blockchain infrastructure plays. 'When markets panic, we see protocols,' Wood famously remarked during Bitcoin's 2022 downturn—a philosophy now extending to public crypto equities.
