Ark Invest is widely known for its “buy the dip” approach, often adding to crypto-related positions when prices fall, and June once again reflected that strategy.
Bitcoin, the largest cryptocurrency, posted its worst monthly performance in four years, weighing on shares of digital asset companies, which Ark interpreted as an opportunity to accumulate.
The St. Petersburg, Florida-based investment firm purchased around $44 million of Coinbase (COIN) stock based on closing prices at the time of execution. It also bought $25.25 million of Circle Internet (CRCL), the USDC stablecoin issuer, and $8.2 million of Bullish (BLSH), the crypto exchange and parent company of CoinDesk, according to disclosed filings.
Circle shares declined about 40% in June, finishing the month at $62.63. The drop included an 18% slide on June 30 following the launch of rival stablecoin Open USD, backed by more than 140 companies including Coinbase, Stripe, Visa, Mastercard, and BlackRock.
Coinbase (COIN) ended June down nearly 20% at $146.19, while Bullish (BLSH) fell 27% to $23.43.
