Ark Invest Increases Crypto Stock Holdings

On Monday, Cathie Wood’s investment firm, Ark Invest, expanded its positions in several well-known cryptocurrency stocks, including Coinbase, Circle, and Bitmine Immersion Technologies, despite a downturn in stock prices.

The firm made significant investments, most notably in Bitmine and Coinbase. Specifically, over 550,000 shares of Bitmine (BMNR) were acquired, valued at around $17 million, along with approximately 65,000 shares of Coinbase (COIN), which amounted to about $16.5 million. These shares were added to three of Ark’s actively managed ETFs.

Recently, stock prices for both companies have dipped, with Coinbase experiencing a roughly 9% decrease, hitting $251.88. Meanwhile, Bitmine’s stock fell over 21%, trading around $30.92.

In addition to these, Ark Invest also contributed around $11.8 million to Circle (CRCL), $5.3 million to Blish (BLSH), and $1 million to Brera Holdings, a firm associated with the Solana financial space. Notably, the stock prices for these companies have all fallen by at least 6% over the same timeframe.

Last month, Wood’s firm was noted for consistently purchasing stocks during price declines, particularly focusing on Bitmine, Coinbase, and Circle.

At this point, Coinbase ranks as Ark Invest’s third-largest holding, followed by Circle in 12th place and Bitmine in 14th. Data from Cassie’s Ark shows the investments encompass $609 million in COIN stock, $323 million in CRCL stock, and $275 million in BMNR stock across its ETFs.

In addition to its crypto stock acquisitions, Ark also added around $400,000 worth of ARKB shares, which represents 21 shares of the Bitcoin ETF, coinciding with Bitcoin’s price dropping below $86,000.

Wood has previously set ambitious price targets for major cryptocurrencies but has recently revised some of these. For instance, her 2030 forecast for Bitcoin was lowered from $1.5 million to $1.2 million, a change attributed to the growing prevalence of stablecoins, which she believes may restrict Bitcoin’s use cases.

Just last week, she suggested that Bitcoin might have reached its lowest point, citing the increasing acceptance of the currency by institutional investors, which could disrupt its typical four-year cycle.

On Tuesday, Bitcoin saw a slight increase, rising 2.6% to around $87,716. However, it’s still over 30% below its peak of $126,080 recorded in October.