Crypto markets continue to struggle, with Bitcoin slipping below $100,000 and altcoins taking a hit.
But Cathie Wood’s ARK Invest is using the dip as an opportunity. It has increased its holdings in BitMine Immersion Technologies, Circle and Bullish across several ETFs.
On Friday, its ARK Fintech Innovation ETF (ARKF) added 18,089 shares of BitMine, ARK Next Generation Internet ETF (ARKW) bought 34,637 shares, and the ARK Innovation ETF (ARKK) picked up 116,681 shares, totaling 169,407 BitMine shares.
Moreover, the firm also increased its stake in Bullish, with ARKF buying 8,063 shares, ARKW adding 15,441, and ARKK taking 52,011 shares, totaling 75,515 shares for the day.
Notably, the accumulation came at a time when the stocks faced heavy selling pressure yesterday. Bullish is currently trading at $38.49, down 6% in the last 24 hours. BitMine is also down around 6%, trading at $34.40.
This follows ARK Invest’s recent purchases of Circle’s stock as it slipped below the $90 mark. Over the past week, the firm has acquired a total of 542,269 shares, investing roughly $46 million. Circle is currently trading at $81.89, down 40% over the past month.
On November 13, it also bought 242,347 shares in BitMine and 177,480 shares in Bullish, spending $8.86 million and $7.28 million, respectively. These purchases were made across three of its exchange-traded funds (ETFs).
These moves show how Ark Invest is strategically buying the dips in crypto related stocks, despite the market volatility.
These investments come after Circle’s strong third-quarter earnings report. The company reported a 66% increase in total revenue and reserve income, reaching $740 million, while net income surged 202% to $214 million.
USDC in circulation also grew 108% year-over-year to $73.7 billion. Circle is also exploring the launch of a native token for its Arc blockchain.
Meanwhile, BitMine, the leading Ethereum treasury company, has appointed a new CEO. Chi Tsang will take over from Jonathan Bates, and the firm also added three new independent members to its board. BitMine currently holds over 3.5 million ETH, worth over $11 billion.
By increasing its position in Circle, BitMine, and Bullish, ARK Invest is showing that it believes in the long-term growth of the crypto and blockchain industry.
