Ark Invest moved aggressively into the crypto equity dip on Wednesday, scooping up nearly $40 million in shares as digital asset markets slumped.
Cathie Wood’s investment firm disclosed that it purchased 463,598 shares of crypto exchange Bullish (BLSH), a buy valued at approximately $16.9 million. Ark also added 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) for about $15.1 million, along with 260,651 shares of Bitmine Immersion Technologies (BMNR), an ether-focused infrastructure company, in a $7.6 million allocation.
These stocks sit across Ark’s ARKK, ARKW, and ARKF exchange-traded funds, which maintain some of the firm’s largest exposures to crypto and fintech-related companies.
Crypto markets saw sharp declines this week, with bitcoin briefly sliding toward $89,000. The downturn spilled into equities tied to digital assets: CRCL and BMNR dropped around 9% on Wednesday, while BLSH — the parent company of CoinDesk — fell 3.63%. The broader CoinDesk 20 index (CD20) slid 3.22%.
Ark Invest frequently uses market corrections as buying opportunities, adding to positions it has strong long-term conviction in or adjusting ETF compositions when valuations fall below the firm’s target ranges.
