Ark Invest Continues Crypto Stock Acquisitions Amid Market Slump

Cathie Wood’s Ark Invest is still actively investing in crypto stocks, even as the market faces a downturn.

Just recently, the firm expanded its holdings in several cryptocurrency-related companies. This includes significant investments in Coinbase (COIN), Bitmine Immersion Technologies (BMNR), and Circle (CRCL), all of which are prominent players in the crypto space. This move comes at a time when many stocks are struggling.

A large portion of these investments was funneled into Ark’s FinTech Innovation ETF (ARKF). Now, this ETF holds around $58 million worth of shares in Coinbase after increasing its stake by about $10 million, purchasing 42,419 additional shares just on Thursday.

Coinbase now ranks second in holdings among various ETFs, just behind Shopify.

Additionally, Ark Invest also boosted its stakes in Bitmine and Circle by over $9 million each, along with a noteworthy investment of $9.75 million in cryptocurrency exchange Blish (BLSH) across its ETFs, and approximately $6.7 million in Robinhood (HOOD).

This latest round of purchases is part of Ark’s ongoing strategy to enhance their exposure to the cryptocurrency market.

Last week, the firm had made headlines by purchasing about $30 million in shares of Circle, despite the stock’s performance not being particularly strong lately.

There was also some buzz around Bitmine when Ark increased its investment there, even though the stock and Ethereum have seen declines recently. Nevertheless, BMNR has managed to maintain its position in the market.

Ark’s buy-ins have significantly ramped up their crypto market involvement, especially considering their three ETFs hold over $500 million in Coinbase stock alone.

These same ETFs are reported to have around $244 million in Circle stock, $408 million in Robinhood stock, $196 million in Bitmine stock, and about $144 million in Bullish stock as of the last market close.

Wood is well-regarded for her bullish outlook on Bitcoin, previously forecasting a price target of over $1 million. However, she recently adjusted her expectations, now predicting it could reach around $1.2 million by 2030, down from a prior estimate of $1.5 million.

As of now, Bitcoin has faced close to a 4.3% decline over the past day, trading around $83,597, which suggests it has a long way to go—needing a whopping 1,335% increase to hit that updated target.