TLDR
- Cathie Wood’s ARK Invest purchased over $1.3 million in Coinbase, $8.7 million in Circle, and $6 million in BitMine stock on February 3
- ARK added 125,218 shares of Bullish exchange and 135,131 shares of ARK Bitcoin ETF during the buying spree
- Bitcoin crashed below $70,000 on February 5, marking its lowest price since November 2024
- Coinbase holds 4.29% of ARK Innovation ETF portfolio, making it the fifth largest holding
- The crypto market entered “extreme fear” territory with over $750 million in liquidations
Cathie Wood is buying crypto stocks while the market tumbles. The ARK Invest CEO added millions of dollars worth of crypto-linked companies to her portfolio this week. Bitcoin fell below $70,000 for the first time since November 2024.
On February 3, ARK Invest bought shares in several major crypto firms. The purchases included Coinbase, Circle, BitMine Immersion Technologies, and Bullish. Wood’s firm spent over $1.3 million on 3,510 Coinbase shares.
ARK purchased $8.7 million worth of Circle stock across two funds. The ARKK fund bought 34,342 shares while ARKF acquired 8,536 shares. Circle is the company that issues the USDC stablecoin.
Wood also bought $6 million in BitMine stock, adding 145,488 shares. BitMine is a Bitcoin mining company that now holds Ethereum as a treasury asset. The firm is chaired by Tom Lee.
ARK expanded its position in Bullish by 125,218 shares worth $3.5 million. Bullish is a regulated crypto exchange backed by Block.one. Peter Thiel invested in the company through Thiel Capital during early funding rounds.
The investment firm bought 135,131 shares of its own ARK 21Shares Bitcoin ETF. The total value of this purchase reached approximately $3.4 million. The ETF tracks Bitcoin’s performance directly.
ARK Portfolio Positions Grow
On February 4, Wood continued buying. The ARK Innovation ETF added 83,094 shares of Bullish. The same fund purchased 14,868 shares of Circle stock.
As of February 5, Coinbase represents 4.29% of the ARK Innovation ETF portfolio. This makes it the fifth largest holding in the fund. Robinhood accounts for 3.85% of the portfolio.
Circle holds 2.41% of ARKK while BitMine represents 2.03%. Bullish makes up 1.52% of the innovation fund. The positions are larger in ARK’s blockchain-focused fund.
In the ARK Blockchain & Fintech Innovation ETF, Coinbase is the third largest holding at 5.55%. Robinhood accounts for 4.08% while Circle represents 3.34%. Bullish holds 2.19% and BitMine 2.10% of the fund.
Bitcoin Drops Amid Market Volatility
The purchases came during a major crypto market downturn. Bitcoin crashed below $70,000 on February 5. The leading cryptocurrency lost roughly 7.8% in 24 hours.
At the time of reporting, Bitcoin traded at $67,753.29. This price crash is the worst since early November 2024. The global crypto market cap fell to $2.59 trillion.
The market entered “extreme fear” territory according to sentiment indicators. More than $750 million in liquidations occurred across crypto positions. Bitcoin briefly dropped below $73,000 before stabilizing slightly.
Coinbase stock declined 4.36% on the day of Wood’s purchases. The shares closed at $179.66. Circle stock fell 4.59% to close at $56.16.
Robinhood shares dropped about 40% from their 52-week high. The stock entered oversold territory based on technical indicators. Wood’s firm bought approximately $32.7 million worth of Robinhood shares total.
BitMine stock declined 1.97% to close at $22.35. Bullish fell 3.93% to end the day at $27.64. The ARK Bitcoin ETF dropped 1.97% to close at $25.36.
Crypto-related stocks traded lower throughout the week. A tightening U.S. liquidity environment pressured high-risk assets. Investors absorbed ETF losses and weakening market confidence across the sector.
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