ARK Invest Purchases Cryptocurrency Shares, Anticipates Uptake by Institutions
- ARK Invest resumes buying crypto-linked stocks, adding $5.8M in BitMine and $2.9M in Bullish as both stocks declined. - The firm shifts capital from Tesla to undervalued crypto and fintech assets amid market volatility. - ARK's strategy targets long-term growth via institutional adoption and regulatory clarity in crypto sectors. - Recent investments include a $46M stake in Circle as crypto assets face regulatory challenges and market dips. - ARK's approach highlights confidence in a maturing crypto ecosy
ARK Invest, under the leadership of Cathie Wood, has ramped up its purchases of stocks tied to the cryptocurrency sector, acquiring $5.8 million worth of BitMine shares and $2.9 million in Bullish shares on Friday as both experienced significant sell-offs. These acquisitions were distributed among several of ARK’s exchange-traded funds, such as the
This activity is part of ARK’s ongoing strategy centered on digital assets, which recently included a $46 million purchase of
Both BitMine and Bullish shares ended the day with losses exceeding 10%. BitMine closed down 6% at $34.40, while Bullish finished 6.19% lower at $38.48. Nonetheless, both stocks saw modest gains in after-hours trading.
ARK’s investment approach has attracted notice as it navigates a market where crypto-related equities are particularly reactive to broader economic trends. For example, Robinhood’s Q3 FY25 financial results
In addition to BitMine and Bullish, ARK has been increasing its holdings in other companies that provide crypto infrastructure. BitMine recently underwent a leadership transition, appointing Chi Tsang as CEO after the company’s
The most recent acquisitions come as speculation grows about a possible recovery in digital asset prices. Despite ongoing regulatory challenges for
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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