ARK Invest Concludes Week with Significant Bitcoin ETF Acquisitions

ARK Invest wrapped up the week by substantially raising its cryptocurrency holdings on Friday, acquiring stakes in several companies including Bullish, BitMine, Circle, and Robinhood, as well as investing nearly $600,000 in Bitcoin ETFs amidst a market rebound.

Notably, the firm focused its purchases on Bullish, with its flagship funds — the ARK Innovation ETF (ARKK), the ARK Fintech Innovation ETF (ARKF), and the ARK Next Generation Internet ETF (ARKW) — enhancing their positions. These investments collectively reached around $2 million, coinciding with a 5.75% surge in Bullish’s stock.

In addition, ARK maintained its trend of investing in BitMine, accumulating about $830,000 across its ARKF, ARKK, and ARKW funds despite a slight decline in the BitMine stock, which remains stable near $26.

The firm also made smaller investments in Circle and Robinhood, acquiring 3,529 shares of Circle valued at $250,000 amid a 6% rise in the stablecoin issuer’s stock, along with approximately $200,000 more in Robinhood.

ARK Expands Bitcoin ETF Holdings

On Friday, ARK enhanced its engagement with Bitcoin, investing nearly $600,000 in the ARK 21Shares Bitcoin ETF (ARKB). The ARKF and ARKW funds together bought over 20,000 shares. This purchase comes during a challenging phase for the US spot Bitcoin ETF market, which experienced almost $1 billion in net outflows on Thursday, marking one of the largest withdrawals ever and setting the stage for a potentially sluggish week.

Overall, outflows have risen sharply over the past month, totaling approximately $4 billion as Bitcoin’s price dropped about 30% from its recent peaks.

ARK’s Recent Acquisition Spree

On Thursday, ARK made its most substantial acquisition of the week, spending $10.1 million on Coinbase, $9.9 million on BitMine, $9 million on Circle, and $9.65 million on Bullish, among other significant investments. Earlier this week, the firm also purchased $16.8 million worth of Bullish shares, around $15 million in Circle, and approximately $7.6 million in BitMine through its ETFs.

Tags:
#Bitcoin, #Cryptocurrencies, #ARK, #Robinhood