Ark Invest purchased $21.5 million worth of shares in Coinbase, Circle Internet and Bullish on Friday, its first buys of the three crypto-linked stocks since mid-December.
The Cathie Wood-led firm added the positions through its Innovation (ARKK) and Blockchain and Fintech Innovation (ARKF) exchange-traded funds, according to an emailed disclosure.
Ark bought 129,446 shares of stablecoin developer Circle Internet, valued at roughly $9.2 million based on Friday’s closing price of $71.33. Circle’s shares were little changed on the day but had declined nearly 10% over the past week.
The firm also purchased 42,179 shares of crypto exchange Coinbase and 88,533 shares of Bullish, the owner of CoinDesk, worth about $9.15 million and $3.17 million, respectively. Coinbase fell 2.77% on Friday, while Bullish slipped around 2%.
The purchases came as the broader crypto market weakened, with bitcoin ending the week nearly 6% lower and briefly trading below $90,000.
Ark is known for buying into equity pullbacks, seeking value during multi-day declines that it believes offer attractive entry points.
