ARK Invest continues to invest in cryptocurrency stocks despite recent market fluctuations. Recent purchases include a significant number of shares in Coinbase and BitMine Immersion Technologies.
Acquisition of Coinbase Shares
ARK Invest acquired 94,678 shares of Coinbase, worth approximately $30 million. These shares were spread across three ETFs: ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF). It is notable that on the same day, Coinbase stock experienced a steep decline of 16.7%, dropping to $314.69.
Investments in BitMine Immersion Technologies
The firm also deepened its stake in Bitcoin miner BitMine Immersion Technologies, picking up 540,712 shares worth an estimated $17 million. This adds to over $200 million in acquisitions of BitMine over the last two weeks. Currently, BitMine holds 625,000 ETH, making it the largest corporate Ethereum treasury, according to StrategicEtherReserves.
Market and Economic Conditions
This buying spree unfolded against a backdrop of heavy market losses, with the Dow dropping 542 points, and the S&P 500 and Nasdaq also posting steep declines. Investors reacted to disappointing employment data, which fell short of expectations, raising concerns about a slowing economy.
The investments made by ARK Invest in Coinbase and BitMine Immersion Technologies highlight their confidence in the long-term prospects of the cryptocurrency market, despite current market fluctuations.
