Ark Invest stepped back into crypto-linked equities on Friday, buying $21.5 million worth of shares in Coinbase, Circle Internet and Bullish for the first time since mid-December.
The Cathie Wood-led firm added to the positions through its Innovation (ARKK) and Blockchain and Fintech Innovation (ARKF) exchange-traded funds, according to an emailed disclosure.
The largest allocation went to stablecoin issuer Circle Internet, where Ark purchased 129,446 shares valued at roughly $9.2 million based on Friday’s closing price of $71.33. Circle’s stock was little changed on the day but had declined nearly 10% over the week.
Ark also bought 42,179 shares of crypto exchange Coinbase and 88,533 shares of Bullish, the owner of CoinDesk, worth about $9.15 million and $3.17 million, respectively. Coinbase shares fell 2.77% on Friday, while Bullish slipped about 2%.
The purchases came as the broader crypto market weakened, with bitcoin ending the week nearly 6% lower and briefly dipping below the $90,000 mark.
Ark is known for its long-standing strategy of buying into equity pullbacks, seeking to take advantage of multi-day declines that it views as offering more attractive entry points.
