Cathie Wood’s Ark Invest executed one of its largest crypto-equity purchases of the week, which involves the buying of shares worth millions of dollars across the leading digital asset companies. In its recent trade report, Ark revealed that it bought $10.1 million worth of Coinbase shares, thus being the highest single-day investment of the firm, which was followed by other significant purchases in BitMine, Circle, and Bullish.
The crypto-centric purchase of the Ark portfolio is a brave move amidst a significant market retreat in the digital assets and publicly traded blockchain companies. This drop is preceded by a multi-week correction that has led to the disappearance of close to $1 trillion in total crypto market capitalization since Bitcoin hit its all-time high last month.
Ark Invest opened these positions via three of its exchange-traded funds: the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF). The company purchased $9.9 million of BitMine shares, $9 million of Circle stock, and $9.65 million of the crypto exchange Bullish – thus, setting the stage for the purchases as a part of a bigger accumulation strategy.
Aside from crypto stock purchases, Ark invested $16.8 million in Nvidia shares and $6.8 million in Robinhood. The coalition indicates the maintenance of a long-term strategy focused on crypto infrastructure, AI technology, and digital finance platforms.
The purchase was made while stocks related to the crypto sector were dropping further. Coinbase lost 7.44% and closed at $238.16, BitMine was down 10.83% to $26.02, and Circle fell 4% to $66.93. Bullish managed to close Thursday with a very slight upturn of 0.30% to $36.50, but the stock is still down by almost 38% for the last month.
By using internal price data, it appears that Bitcoin is currently around $85,641 after it dropped by 7.41% during the last 24 hours, and other major tokens have suffered similar losses. The crypto market, in general, has been losing 6.26% during the past day and has been quite consistently going down for the past few weeks.
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