ARK Invest Expands Crypto Equity Holdings with $18M+ Buying Spree
Cathie Wood's ARK Invest made aggressive moves into crypto-linked stocks this week, deploying over $18 million across three key positions. The firm's purchases signal growing institutional conviction despite recent market volatility.
ARK acquired $12.4 million worth of Robinhood shares, reinforcing its bet on retail trading platforms embracing digital assets. The brokerage's stock has gained 14% since ARK began accumulating positions last quarter.
Bullish, the cryptocurrency exchange, saw its shares rise 3.6% after ARK added $2.4 million to its position. This marks the eleventh consecutive day of accumulation, with Bullish now representing ARKF ETF's ninth-largest holding at nearly $30 million.
Bitmine shares surged 8% following ARK's $4.2 million purchase across three ETFs. "When institutions buy the dip, retail follows," noted Bloomberg Intelligence analyst James Seyffart. The coordinated buying spree comes as crypto equities test key support levels.