Cathie Wood’s Ark Invest was not in a hurry to sell off its crypto-related equities. On Tuesday, it added more exposure through two of its exchange-traded funds while the investor interest in digital-asset companies was at a very high level. Ark’s trade filing reveals that the ARK Innovation ETF (ARKK) and the ARK Fintech Innovation ETF (ARKF) both increased their holdings in Coinbase, Circle, and Bullish, in a combination that led to the purchase of shares worth millions of dollars.
According to the filing, ARKK and ARKF collectively purchased $3 million worth of Coinbase Global shares and $3.1 million worth of Circle Internet Group stock. Moreover, ARKF decided to invest in Bullish for another $1.1 million, thus continuing to broaden Ark’s horizon in the crypto sector with companies that are building the core of the crypto ecosystem.
These purchases were made on a day when the market prices for the stocks hardly moved. Coinbase closed $261.79, down 0.82%, while Circle was slightly up by 0.013% and closed at $76.6, according to The Chainbull’s price page. Ark’s gradual buildup is a reflection of its policy to increase its exposure to crypto-related equities when the price is relatively stable.
Purchases made on Tuesday are part of a recent trend of large commitments to the sector. On Monday, Ark purchased Bullish shares worth $10.2 million spread across three ETFs, after a series of aggressive buys last Thursday, which, among other things, comprised $7.28 million in Bullish, $15.56 million in Circle, and $8.86 million in BitMine.
This continuous buying spree is a demonstration of Ark’s strong belief in crypto-focused companies despite the fact that the broader markets have been mixed, and volatility has been experienced in the trading of digital assets in different trading venues. Bullish, the crypto exchange that is supported by billionaire investor Peter Thiel, is expected to release its third-quarter results later today, a development that investors will be eagerly anticipating as the company continues to expand its presence in the highly competitive trading landscape.
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