ARK Invest increases crypto stock holdings, adding BitMine and Bullish shares during market dip.
- ARK bought over $8.7M worth of BitMine and Bullish shares in one day.
- These purchases happened as stock prices fell nearly 6%.
- BitMine now holds over $11B in Ethereum, leading its sector.
ARK Invest Adds to Crypto Holdings
ARK Invest has bought more shares of crypto-linked companies during a market dip. On Friday, it purchased 169,407 shares of BitMine worth about $5.83 million and 75,515 shares of Bullish worth around $2.91 million.
Shares Drop, ARK Buys More
Both stocks were down the day ARK bought. Bullish dropped 6.19% to $38.48. BitMine fell 6% to $34.40. After the market closed, prices recovered a little. ARK is using this drop to expand its position.
BitMine’s Ethereum Holdings Grow
BitMine is now the largest public company holding Ethereum (ETH). It has over 3.5 million ETH valued at more than $11 billion. The company also made leadership changes. Chi Tsang replaced Jonathan Bates as CEO. Three new board members were announced as well.
Wider Investment Strategy
This move is part of a larger strategy by ARK. Last week, the firm spent $46 million on Circle (CRCL) shares. This was the first time ARK invested in Circle since selling its shares in June. ARK is clearly staying active in the crypto market, even during down periods.
What This Means
Buying during a price drop shows ARK’s confidence in crypto-related businesses. BitMine’s strong Ethereum holdings and leadership updates may be signs of long-term plans. For investors, these actions highlight growing interest from major firms in crypto-linked companies.
Source: cointelegraph.com
