- Ark Invest purchased over $150M in crypto equities during the market downturn.
- The firm added Block, Circle, Coinbase shares as stocks fell 20-51% from highs.
- Ark increases exposure to crypto companies, while Bitcoin drops 30% from its October peak.
Ark Invest has increased its holdings in crypto-related equities during the recent market downturn, deploying approximately $150 million into the sector over the past week. The firm made additional purchases on Tuesday as Bitcoin fell from its peak.
According to trade filings, Ark Invest acquired $13.5 million in Block Inc. shares, $7.6 million in Circle Internet Group stock, and $3.86 million in Coinbase shares on Tuesday. The purchases occurred across several of the firm’s exchange-traded funds.
ARKK Fund Holds Coinbase as Fourth-Largest Position
The Ark Innovation ETF (ARKK) executed most of the purchases. Coinbase now accounts for the fund’s fourth-largest holding, valued at $391 million, representing roughly 5.22% of the portfolio. ARKK also maintains $179 million in Circle stock, accounting for 2.39% of the fund. Block holdings in ARKK total $85.2 million.
Ark Invest added $1.52 million in Bullish stock, $878,794 in Robinhood Markets, and $2.8 million in its own Ark 21Shares spot Bitcoin ETF on Tuesday. The firm has steadily accumulated crypto-related stocks in recent weeks as prices declined from earlier highs.
Between November 14 and 21, Ark purchased between $9 million and $46 million in Circle Internet Group stock, acquiring 542,269 shares. Total Circle holdings across Ark’s funds reached approximately $244 million. The firm also bought between $10 million and $24 million in BitMine Immersion Technologies during the same period, bringing total holdings to $196 million.
Stock Performance Declines Alongside Crypto Market
Block closed up 2.96% on Tuesday at $63.69 but remains down 20.54% over the past month. Circle fell 3.62% to $70.11, which is a 51% decline from its price one month earlier. Coinbase dropped 0.72% on Tuesday and has fallen 30% in the past month.
The drop in crypto-related equities coincides with a wider cryptocurrency market decline. Bitcoin currently trades at $86,000, down from its $126,000 all-time high recorded on October 6. The downturn has been attributed to thin liquidity conditions and uncertainty surrounding macroeconomic factors.
The global crypto market cap has also dropped from the $3.4 trillion level to as low as $2.99 trillion at press time as per CoinMarketCap data. Majority of the top altcoins are also down single digits in the past few days.
Related: Bitcoin’s $82K Defense Over the Weekend Confirms Bullish ‘2021 Fractal’ – Analyst
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Source: https://coinedition.com/ark-invest-scoops-up-block-circle-and-crypto-stocks-during-market-sell-off/
