TLDR
- Ark Invest purchased 716,030 shares of Bullish, worth approximately $17.8 million, across three of its ETFs.
- The firm sold 119,236 shares of Coinbase, valued at around $17.4 million, amid a decline in crypto stock prices.
- Bullish shares fell by 39.6% in the past month, while Coinbase dropped 41.7% over the same period.
- Ark’s recent moves come as the broader crypto market faced a downturn, with Bitcoin and Ether prices dropping.
- Ark Invest continues to adjust its crypto portfolio by buying and selling based on market conditions.
Cathie Wood’s Ark Invest made strategic moves on Thursday, adjusting its crypto holdings as market volatility continued. The firm bought additional shares in Bullish, a regulated crypto exchange, while trimming its stake in Coinbase. This shift in Ark’s portfolio came as crypto stocks faced a broad sell-off.
Ark Invest Purchases Bullish Shares Amid Crypto Volatility
On Thursday, Ark Invest purchased 716,030 shares of Bullish, a crypto exchange backed by Block.one and Peter Thiel. This purchase, valued at approximately $17.8 million, was distributed across three of Ark’s exchange-traded funds (ETFs). Ark’s decision to buy Bullish shares comes as the firm continues to adjust its exposure to the crypto market amid fluctuating prices.
The buy represents a significant move for Ark, signaling confidence in Bullish’s future despite the broader downturn in the cryptocurrency market. Bullish shares have seen a 39.6% decline over the past month, closing at $24.90 on Thursday. Ark’s continued support for Bullish could indicate long-term faith in the exchange’s potential.
Ark Invest Sells Coinbase Shares to Balance Portfolio
At the same time, Ark Invest reduced its position in Coinbase, selling 119,236 shares worth around $17.4 million. This sale came as Coinbase, the U.S.-based crypto exchange, saw its stock drop by 13.3% to $146.12. Coinbase has been hit hard by the broader downturn in the cryptocurrency market, with its shares falling 41.7% in the past month.
Ark Invest’s decision to trim its Coinbase stake comes after the firm’s previous purchases of Coinbase shares on February 3. While Ark remains a major player in the crypto space, these adjustments reflect the volatility affecting crypto assets. Ark Invest has continuously recalibrated its holdings, responding to market conditions and performance changes.
Crypto Market Decline Mirrors Ark’s Adjustments
The moves made by Ark Invest come as the broader crypto market continues to show signs of weakness. Bitcoin price fell to $60,000 before recovering to just above $65,000, while Ether dropped 11.6% to around $1,900. Crypto-related stocks like Bullish and Coinbase have followed a similar trend, with prices sinking amid market uncertainty.
Despite the market decline, Ark’s focus remains on positioning for long-term growth in the cryptocurrency sector. The firm has maintained a strong belief in major crypto players like Coinbase and Bullish, even as prices fluctuate.
