Ark Invest added $39.6 million to its holdings of three shares in the crypto company on Wednesday as the broader crypto market fell.
Cathie Wood’s investment management firm added 463,598 shares of crypto exchange Bullish (BLSH), valued at $16.9 million at the close of trade, according to an email disclosure. It also bought 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) and 260,651 ether Asset Treasury firm Bitmine Immersion Technologies (BMNR), valued at $15.1 million and $7.6 million respectively.
That St. Petersburg, Florida-based company holds crypto and crypto-adjacent stocks in three of its exchange-traded funds (ETFs): Innovation ( ARKK ), Next Generation Internet ( ARKW ), and Fintech Innovation ( ARKF ).
The slide in the cryptocurrency market, which saw bitcoin falling as low as $89,000 this week, has taken a bite out of the share prices of crypto companies. Both CRCL and BMNR fell by about 9% on Wednesday, while BLSH, which owns CoinDesk, lost 3.63%. The CoinDesk 20 Index (CD20) fell 3.22%.
Ark Invest often hunts for bargains when share prices appear to be under pressure, sometimes to extract maximum value from stocks on which it remains bullish on the long term, and sometimes to rebalance the holdings of its ETFs within the targeted parameters.
