TLDR
- Ark Invest bought $9.4 million worth of Circle shares on Monday.
- Bitmine shares dropped 9% while Ark acquired $6.25 million in stock.
- Bullish stock fell 4.7% as Ark Invest bought $6 million in shares.
- Bitcoin was down 10.9% in the past week, trading near $78,641.
Ark Invest has increased its holdings in crypto-related stocks, including Circle, Bitmine, and Bullish, as their prices fell further. This move came during a wider market downturn, with many digital asset stocks trading at deep discounts.
Ark Invest Expands Positions in Falling Crypto Stocks
Ark Invest made several purchases on Monday, acquiring shares in Circle, Bitmine, and Bullish. The investment firm added these positions through its exchange-traded funds. The moves followed a broader drop in crypto-linked stocks and digital assets.
A total of $9.4 million in Circle shares were bought across two Ark ETFs. Bitmine, a company managing Ethereum treasury operations, saw $6.25 million in share purchases. Bullish, a crypto exchange, received $6 million worth of new investment from Ark.
These transactions reflect the firm’s ongoing interest in crypto companies, especially when valuations are low. The recent buying came as prices across the crypto sector fell sharply.
Small Additions in Coinbase and Block Inc.
Alongside larger investments, Ark Invest also bought smaller amounts in Block Inc. and Coinbase. The company acquired $1.9 million worth of Block Inc. shares and $1.25 million in Coinbase shares.
Block Inc., the financial technology company co-founded by Jack Dorsey, has maintained involvement in crypto services. Coinbase, a major U.S.-based crypto exchange, continues to be a core holding for Ark.
All five companies saw declining stock prices at the start of the week. Ark’s moves signal a belief that the market downturn may offer opportunities for long-term positions.
Market Continues Decline Across Crypto Sector
The price of Bitcoin dropped 10.9% in the past week, trading near $78,641. Ether also fell, declining by 20% over the same period to around $2,331.
Circle stock closed at $58.86 on Monday, down 7.9% on the day and 65% in the past six months. Bitmine stock declined by 9% that day, and Bullish shares fell by 4.7%. Coinbase and Block Inc. also closed lower, down 3.5% and 2.8% respectively.
The crypto market’s pullback has led to lower valuations across many firms. Ark Invest’s recent trades show continued engagement with digital asset-linked equities during this downturn.
Cathie Wood Comments on Bitcoin and Gold Trends
Ark Invest CEO Cathie Wood commented on macro market trends via X, formerly Twitter. She noted the recent rally in gold could be a potential signal for Bitcoin’s next move.
“Important to note is that the correlation between the bitcoin and gold prices has been 0.14 since early 2020, and that the gold price led the last two significant bull moves in the bitcoin price in the last two major cycles,” she wrote.
Wood has long emphasized Bitcoin as part of Ark’s innovation-focused strategy. The firm’s recent buying behavior supports its continued faith in crypto markets despite short-term volatility.
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