ARK Invest, led by Cathie Wood, is doubling down on its positions in cryptocurrencies by seizing the recent market downturn.
ARK Invest Increases Stakes in Bullish
ARK Invest has increased its stake in the crypto exchange Bullish (BLSH). On August 19, the firm purchased 356,346 shares for $21.2 million. This follows an earlier purchase of over 2.5 million shares worth more than $170 million across three Ark ETFs when Bullish went public. The ARK Innovation ETF (ARKK) now owns about 1.17 million shares of Bullish, valued at approximately $74 million.
Robinhood Remains a Strong Bet
ARK Invest also boosted its stake in Robinhood (HOOD), buying 150,908 shares for about $16.2 million. Notably, its Tuesday purchase marked the third consecutive day of adding to its position, following $14 million in purchases on Monday and $9 million on Friday. Robinhood has been part of ARK's portfolio for a long time; however, in 2024, the firm reduced some of its holdings to comply with SEC regulations.
Crypto Stocks Slide
Crypto stocks fell sharply on Tuesday as investors began to pull back from technology and riskier assets. ARK is using this dip as an opportunity to buy more. For instance, shares of Coinbase and eToro dropped over 5% and 6%, respectively, while Robinhood and Bullish fell more than 6%. Bitcoin has dropped nearly 3%, falling to just over $113,000, and Ether fell more than 5% to around $4,100.
Despite the current market fluctuations, ARK Invest continues to actively invest in crypto assets, anticipating long-term benefits.
