Cathie Wood’s ARK Invest went bargain hunting on Monday as some of the biggest listed names in the crypto sector, including Coinbase ( COIN ), Bullish ( BLSH ) and Circle ( CRCL ), extended a multi-day slide.
According to the email disclosure, ARK’s roughly $59 million in crypto-stock purchases included about $16.3 million from Coinbase, about $5.2 million from Bullish and about $10.8 million from Circle Internet Group, followed by about $17 million from Bitmine Immersion Technologies and roughly $9.9 million from CoreWeave.
Crypto stocks had already fallen for several sessions before the latest sell-off, with Bitmine down more than 11% on the day, Circle down nearly 10%, CoreWeave down close to 8%, Coinbase down over 6% and Bullish extending a multi-day slide as selling accelerated across the sector.
ARK has a long track record of buying into pullouts rather than chasing strength, using multi-day sell-offs in crypto stocks to add exposure even as prices continue to fall.
Crypto plays a big part of ARK’s holdings, with about $609M in Coinbase, about $323M in Circle Internet Group, about $275M in Bitmine Immersion Technologies, about $194M in Bullish and about $140M in CoreWeave, underscoring the firm’s recent declining buy position.
