ARK Invest is increasing its crypto stock holdings even as prices fall.
- ARK bought large amounts of Bullish, Circle, and BitMine shares.
- The total investment reached over $39 million across three ETFs.
- This happened while crypto-related stocks were seeing losses.
ARK Invest Adds Bullish to Its Portfolios
On Wednesday, ARK Invest purchased more shares of Bullish, a crypto-focused financial firm. The ARK Innovation ETF (ARKK) bought 322,917 shares, the largest among its funds. Combined, ARKK, ARKW, and ARKF invested around $16.8 million in Bullish.
Bullish stock had dropped around 3.63% that day to $36.39, but recovered slightly later.
Circle Shares Get a Boost from ARK
ARK Invest also bought shares in Circle Internet Group, the company behind the stablecoin USDC. ARKK acquired 150,518 shares, leading the pack. ARKW and ARKF added another 65,501 shares combined. This totaled to an estimated $15 million investment.
Circle’s stock finished the day down nearly 9% at $69.72, despite the large buy-in.
BitMine Sees Support as Stock Tumbles
ARK Invest didn’t stop there. It also added shares of BitMine Immersion Technologies. Combined, the three ETFs acquired 260,651 shares worth around $7.6 million. The ARKK fund again led the move with 181,774 shares.
BitMine’s shares fell by 9.5% to $29.18 before recovering by over 6% in the after-hours market.
Crypto Stocks Drop, but ARK Keeps Buying
The wider crypto market has been declining since its October highs. Stocks linked to crypto have been sinking. Despite this, ARK sees long-term value and continues its buying spree. Earlier in the week, the firm had already spent $10.2 million on BitMine shares.
This strategy shows that ARK is confident in crypto’s future, even during market dips.
Nvidia’s Earnings Help Tech Sentiment
While crypto stocks struggle, tech stocks are getting a boost. Nvidia reported strong earnings with $57 billion in revenue and $31.9 billion in profit. Their stock rose over 5% after hours. This lifted other big tech stocks like Apple and Microsoft as well.
The strong performance might help improve investor mood across both tech and crypto sectors.
Source: cointelegraph.com
