Cathie Wood’s Ark Invest significantly increased its exposure to crypto-related stocks on Tuesday, capitalizing on the broader market downturn and falling prices.
Key Purchases Made by Ark Invest on Tuesday:
- Block, Inc. (SQ): Purchased $13.5 million worth of shares.
- Circle Internet Group: Purchased $7.6 million worth of shares.
- Coinbase (COIN): Purchased $3.86 million worth of shares.
Most of these acquisitions were made through the Ark Innovation ETF (ARKK). As a result, Coinbase is now ARKK’s fourth-largest holding, valued at $391 million (5.22% of the portfolio). ARKK also holds $179 million in Circle (2.39%) and $85.2 million in Block.
Additionally, Ark Invest bought smaller amounts of Bullish stock ($1.52 million), Robinhood Markets ($878,794), and its own Ark-21Shares spot bitcoin ETF ($2.8 million).The move comes as crypto-related stocks have recently underperformed.
This drop in crypto stocks mirrors the wider market depreciation, attributed to thin liquidity and macroeconomic uncertainty. Bitcoin is currently trading at $87,948, significantly down from its all-time high of $126,000 recorded just six weeks prior.
