ARK Invest Increases Stake in Bullish Amidst Market Slide
ARK Invest strengthens its position in crypto exchange Bullish by purchasing $10.2 million worth of shares as the stock hits a record low amidst a downturn in the crypto market.
Crypto stocks have faced significant declines today, particularly notable are Coinbase, Marathon Digital, Riot, CleanSpark, Circle, and Strategy, all of which have experienced steep drops.
ARK Invest has notably increased its investment in Bullish, acquiring shares worth $10.2 million amid this downturn. The ARK Innovation ETF (ARKK) purchased 191,195 shares of Bullish, while ARKW and ARKF bought 56,660 and 29,208 shares, respectively.
This investment comes as Bullish (BLSH) fell by 4.5% to a price of $36.75, continuing a downward trend that has seen a nearly 46% decline over the past six months.
Further adding to the market’s volatility, Bullish is set to release its third-quarter earnings report soon, which is anticipated on Wednesday. Backed by Peter Thiel, Bullish had a revenue of $57 million in Q2, down from $67 million previously, despite reporting a net income of $108.3 million compared to a loss last year.
Crypto Stocks Decline Amid Market Collapse
Crypto-related stocks have encountered a steep downturn alongside the overall market crash, particularly affecting mining and infrastructure companies such as Marathon Digital, which fell by 4%, and Riot Platforms and CleanSpark, which also suffered losses.
Bitcoin treasury firm led by Michael Saylor, Strategy, saw a decrease of 2% and has experienced an 18% drop over the last five trading days. Circle, the stablecoin issuer that recently went public, also dropped over 6%, totaling a 26% decline in the past week.
Coinbase, the largest crypto exchange in the US, saw its shares drop 7% during this market slide, closing at $263.95 due to broader selling trends.
Bitcoin Approaching a Market Bottom
Tom Lee, chairman of BitMine, and Matt Hougan, Bitwise’s CIO, suggested that Bitcoin might soon hit a market bottom. Lee pointed to the recent market liquidation wave and potential Federal Reserve rate changes as contributing factors to the ongoing market downturn. He argued that technical indicators suggest a potential end to the aggressive selling.
Hougan supported this analysis, calling the current price ranges a significant opportunity for long-term investors while attributing the market conditions to ETF withdrawals, selling by large investors, and geopolitical tensions.
