ARK Invest Buys $70M in Crypto Stocks Amid Dips

ARK Invest, the investment firm led by Cathie Wood, has ramped up its holdings in cryptocurrency-related companies over the past week, pouring tens of millions of dollars into stocks like Circle Internet Group, Bullish, Bitmine Immersion Technologies and Coinbase Global amid market volatility. The purchases, disclosed in daily trading filings, signal continued confidence in the sector despite recent declines in share prices for several of the targeted firms.

On Tuesday, ARK's ARK Innovation ETF and ARK Fintech Innovation ETF acquired shares worth a combined $3 million in Coinbase Global and $3.1 million in Circle Internet Group. The ARK Fintech Innovation ETF also added $1.1 million in Bullish shares. These moves followed a series of larger transactions earlier in the week. On Monday, November 17, ARK bought 277,063 shares of Bullish across three exchange-traded funds, including 191,195 shares through the ARK Innovation ETF, 56,660 through the ARK Next Generation Internet ETF and 29,208 through the ARK Fintech Innovation ETF, for a total of approximately $10.2 million. Bullish shares closed down 4.5 percent that day at $36.75 on the New York Stock Exchange.