Ark Invest Boosts Crypto Holdings Amid Bitcoin Slump

Ark Invest, the investment firm led by Cathie Wood, increased its holdings in several cryptocurrency-related companies on Monday, acquiring shares worth tens of millions of dollars despite a sharp decline in digital asset prices and related equities.

The purchases, disclosed through the firm's exchange-traded funds, targeted firms including stablecoin issuer Circle, Ethereum treasury manager BitMine Immersion Technologies, crypto exchanges Coinbase and Bullish, trading platform Robinhood, and financial technology company Block Inc. Across its ARK Innovation ETF, ARK Blockchain Fintech Innovation ETF, and ARK Next Generation Internet ETF, Ark bought approximately 9.4 million worth of Circle shares, 6.2 million worth of BitMine shares, 6 million worth of Bullish shares, 21.1 million worth of Robinhood shares, 1.9 million worth of Block shares, and 1.3 million worth of Coinbase shares. These transactions followed Bitcoin's drop to a 15-month low of around 75,442 on Sunday, with the cryptocurrency trading at about 74,618 on Tuesday after a brief recovery.

The moves reflect Ark's strategy of capitalizing on market downturns to build positions in blockchain and digital asset...