Ark Invest boosts crypto exposure with fresh buys of Coinbase and Bullish shares

U.S.-based investment firm Ark Invest has expanded its crypto stockpile by adding more Coinbase and Bullish Shares. On Tuesday, the firm purchased an additional 28,315 Coinbase shares and 42,434 Bullish shares.

Cathie Wood’s investment firm has increased its exposure to crypto companies by buying more shares of Bullish and Coinbase to add to its portfolio. The company’s trade filings revealed it had purchased 28,315 Coinbase shares for $7.5 million through its Ark Innovation exchange-traded fund (ARKK) on Tuesday.

The recent purchase comes barely a week after the firm bought 62,166 Coinbase shares for $16.5 million across three of its exchange-traded funds, ARK Innovation ETF (ARKK), the ARK Fintech Innovation ETF (ARKF), and the ARK Next Generation Internet ETF (ARKW). The purchase comes amid a slight market recovery from major cryptocurrencies as well as crypto companies. 

Coinbase now accounts for 5.58% of ARKK fund holdings

The latest disclosures from Ark Invest’s website reveal that Coinbase is the second-largest holding in the ARKK fund, accounting for 5.58% of its total holdings. The investment is significant, considering Ark Invest’s strategy, which limits exposure to more than 10% of any individual stock. Other crypto-oriented companies, such as Circle Internet Group and Bitmine Immersion Technology, also rank among the top holdings by the ARK Innovation ETF.

Ark Invest also purchased 42,434 Bullish shares for $1.8 million through its ARKK fund, according to the filings. The purchase comes just two weeks after the investment company purchased $10.2 million worth of Bullish shares. The company also added 1,951 Robinhood shares on Tuesday for $245,000 through its Ark Next Generation Internet ETF.

According to data from Google Finance, Coinbase and Bullish have recorded 0.21% and 4.96% gains, respectively, today. However, Coinbase is down 20.33% in the last month but has slightly recovered with a 6% rise YTD. On the other hand, Bullish is down 36.68% YTD and has declined by 14.33% in the last month. Coinbase is currently trading at $67.16 while Bullish shares retail at $7.20.

Filings for December 1 show that the investment firm purchased 22,650 shares of Ark 21Shares Bitcoin ETF (ARKB) through its ARK Next Generation Internet ETF and another 48,850 ARKB shares through the ARK Innovation ETF.

In late November, Cathie Wood explained that the crypto and AI industries were undergoing a liquidity squeeze. She said that the squeeze will reverse in the next few weeks and disputed claims from a research paper that claimed AI is a bubble. Wood also highlighted during the market update webinar that crypto will be a leading indicator when liquidity begins to flow.  

Ark Invest buys more crypto stocks amid market uncertainty

Ark Invest recently purchased more crypto stocks amid prevailing market uncertainty in the crypto industry. In mid-November, Cryptopolitan reported that the investment firm purchased $15.6 million in Circle shares across its ETFs. ARK Next Generation Internet ETF bought 38,313 Circle shares, while ARK Innovation ETF purchased 130,595 shares. The ARK Fintech Innovation ETF also bought 20,033 Circle shares.

On the same day, the company also purchased additional shares of Bullish crypto exchange, valued at $8.86 million, and BitMine, a crypto mining company, valued at $7.28 million. The previous day, the firm had loaded up on more Circle shares worth approximately $30 million (353,328 shares).

The crypto market has shown signs of slight recovery. Data from CoinMarketCap shows that Bitcoin has reclaimed the $90k and is changing hands for $93,058. The crypto asset has surged by 6.45% in the last 24 hours, bringing its 7-day gain to 7.32%. Bitcoin has fallen by 26.27% from its all-time high of $69,044, which it reached less than two months ago on November 10.

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