ARK Invest buys additional $40 million in cryptocurrency stocks... Circle, Bullish, etc.
Summary
- ARK Invest reportedly bought an additional $40 million worth of cryptocurrency-related stocks.
- The purchases included Circle, Bullish, and Ethereum holding company stocks.
- The Block said the purchases were made amid a sharp drop in stock prices and that ARK Invest targets undervalued stocks.
'Money-tree sister' Cathie Wood-led ARK Invest bought an additional $40 million (about 60 billion won) worth of cryptocurrency-related stocks.
On the 20th (local time), The Block reported that ARK Invest disclosed it had bought an additional $17.7 million of Circle (USDC) stock on the previous day (19th). On the same day, ARK Invest also bought $16.9 million worth of shares in the cryptocurrency exchange Bullish and $7.6 million worth in the world's largest Ethereum (ETH) holding company. The Block said "(the purchase) was made amid a sharp drop in stock prices."
Cryptocurrency-related stocks such as Circle and Bullish have been struggling recently amid the decline in Bitcoin (BTC) prices. CoinDesk said "Bitcoin plunged to the $89,000 range this week, dealing a blow to the stocks of cryptocurrency companies," and added, "ARK Invest often looks for undervalued stocks when prices fall."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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