Ark Invest, led by Cathie Wood, increased its bets on crypto-related companies Wednesday, purchasing $39.6 million worth of shares as digital asset markets extended their decline.
In a disclosure, the firm reported acquiring 463,598 shares of crypto exchange Bullish (BLSH), valued at $16.9 million at the close. It also added 216,019 shares of Circle Internet Group (CRCL), the company behind the USDC stablecoin, for about $15.1 million, along with 260,651 shares of Bitmine Immersion Technologies (BMNR), an ether-focused asset treasury firm, worth $7.6 million.
Ark Invest maintains crypto and blockchain exposure through positions held across its Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) ETFs.
The latest activity came during a sharp pullback in the crypto market. Bitcoin (BTC) dipped to $89,000 this week, dragging related stocks lower. CRCL and BMNR each shed around 9% on Wednesday, while BLSH — parent company of CoinDesk — slipped 3.63%. The CoinDesk 20 Index (CD20) declined 3.22%.
Known for buying into weakness, Ark Invest frequently adds to positions during market downturns—either to capitalize on what it views as discounted valuations or to bring its ETF holdings back in line with target allocations.
