Cathie Wood's Ark Invest Increases Crypto Stock Holdings During Market Downturn
Ark Invest continues to invest heavily in crypto-related stocks despite a challenging market, acquiring millions in shares backed by key digital asset firms.
The cryptocurrency market is experiencing a downturn, but some investors are taking advantage of the situation. Ark Invest, the investment management company led by Cathie Wood, has been actively increasing its stake in crypto-related stocks. Just last Monday, the firm acquired shares worth over $71 million, and on Tuesday, it added to its portfolio with further investments.
Ark Invest’s Recent Purchases
On Tuesday, Ark Invest purchased:
- 145,488 shares of Bitmine for $3.25 million
- 125,218 shares of Bullish for $3.46 million
- 42,878 shares of Circle for $2.4 million
- 3,510 shares of Coinbase for $630,606
In addition, the firm invested in Block Inc. and Robinhood, obtaining 31,202 and 89,677 shares, respectively, totaling $1.77 million and $7.8 million.
Market Conditions
Despite the current slump, with Bitcoin (BTC) trading at $76,000 and having dropped 17% monthly, Ark Invest seems poised to continue its strategy of buying. The company reportedly plans to keep purchasing crypto stocks throughout this bearish period, indicating confidence in the long-term prospects of the digital asset market.
