Cathie Wood’s ARK Invest Buys $60 Million in Coinbase, Circle, and Bitmine Stocks

TLDR

• Cathie Wood’s ARK Invest bought nearly $60 million in crypto stocks on Monday during a multi-day market selloff
• ARK purchased $16.3 million in Coinbase, $10.8 million in Circle, $17 million in Bitmine, $9.9 million in CoreWeave, and $5.2 million in Bullish
• All purchased stocks declined on Monday, with Bitmine down 11%, Circle down 10%, and Coinbase down 6%
• ARK’s strategy involves buying during market drawdowns rather than chasing rising prices
• Bitcoin dropped 4% to $85,799 and Ethereum fell 5.7% to $2,931 on Monday

Cathie Wood’s ARK Invest purchased nearly $60 million worth of crypto-related stocks on Monday as the sector experienced a multi-day selloff. The investment firm bought shares across several major crypto companies while their prices continued to fall.

ARK’s purchases included about $16.3 million in Coinbase shares, roughly $10.8 million in Circle Internet Group, and around $17 million in Bitmine Immersion Technologies. The firm also added approximately $9.9 million in CoreWeave and about $5.2 million in Bullish crypto exchange shares.

Coinbase Global, Inc., COIN

All five stocks declined on Monday during the buying activity. Bitmine fell 11.22% to close at $30.95 per share. Circle dropped 9.60% to $75.46. Coinbase slid 6.37% to $250.42.

CoreWeave shares fell close to 8% during Monday’s trading session. Bullish extended its multi-day decline with a 2.55% drop. The purchases were made across three of ARK’s exchange-traded funds: ARKK, ARKW, and ARKF.

ARK’s Dip Buying Strategy

ARK Invest has a documented history of buying stocks during price declines rather than purchasing during upward momentum. The firm uses multi-day selloffs to add exposure to positions even as prices continue falling.

The Monday purchases added to ARK’s already large crypto holdings. The firm holds roughly $609 million in Coinbase stock. ARK owns about $323 million in Circle Internet Group shares.

Circle Internet Group, CRCL

The investment firm’s Bitmine position stands at around $275 million. ARK holds approximately $194 million in Bullish shares and about $140 million in CoreWeave stock.

ARK also purchased $5.94 million worth of Block Inc. shares and $1.24 million of its own ARK 21Shares Bitcoin ETF on Monday. Block shares fell 1.13% during the trading session.

Crypto Market Conditions

The broader cryptocurrency market also experienced declines on Monday. Bitcoin dropped 4.08% to $85,799 as of late Monday evening. Ethereum fell 5.74% to trade at $2,931.

ARK’s spot Bitcoin ETF price declined by 4.91% on Monday. The crypto stock selloff had been ongoing for several sessions before Monday’s trading.

Earlier in December, ARK Invest CEO Cathie Wood discussed her views on inflation during a webinar. Wood stated the company is seeing signs of deflation linked to new technology innovations. She predicted there could be a break in inflation in the coming year.

The Monday purchases represent ARK’s continued commitment to crypto sector investments. According to the firm’s trade filing, all transactions were completed through its three main exchange-traded funds on Monday.

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