Ark Invest is known for its “buy the dip” strategy, often increasing exposure to cryptocurrency-related stocks when prices come under pressure, and June was no different.
Bitcoin, the largest digital asset, suffered its weakest monthly performance in four years, dragging down shares of crypto-linked companies, which Ark treated as an accumulation opportunity.
The St. Petersburg, Florida-based investment firm acquired approximately $44 million in Coinbase (COIN) shares based on closing prices at the time of purchase. It also added $25.25 million worth of Circle Internet (CRCL), issuer of the USDC stablecoin, and $8.2 million of Bullish (BLSH), the crypto exchange and parent of CoinDesk, according to regulatory disclosures.
Circle’s stock fell around 40% over June, ending the month at $62.63. The decline included an 18% drop on June 30, after the launch of competing stablecoin Open USD, backed by over 140 companies including Coinbase, Stripe, Visa, Mastercard, and BlackRock.
Coinbase (COIN) closed June down nearly 20% at $146.19, while Bullish (BLSH) slid 27% to $23.43.
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