ARK Invest moves to buy Block, Circle and Coinbase at low prices

ARK Invest is viewing the market correction as an opportunity and has continued its strategy to expand exposure by purchasing a large number of listed companies related to crypto assets.

According to The Block on the 26th (local time), ARK Invest on the previous day additionally purchased Block shares worth $13.5 million, Circle Internet Financial shares worth $7.6 million, and Coinbase shares worth $3.86 million through its ETFs. The purchases were mainly concentrated in the ARK Innovation ETF (ARKK), and that ETF currently holds Coinbase at approximately $391 million, composing 5.22% of the portfolio. Circle holdings amount to $179 million, and Block holdings are calculated at $85.2 million.

On the same day ARK Invest also purchased Bullish shares worth $1.52 million, Robinhood shares worth $878,794, and an additional $2.8 million of the ARK–21Shares Bitcoin Spot ETF that it manages. With major crypto-listed companies' stocks weak over the past few weeks, ARK has been using this as a buying opportunity and steadily increasing its related allocations.

In the market currently, Block rebounded 2.96% to close at $63.69, but its one-month decline is about 20.54%. Circle's stock fell 3.62% the previous day to $70.11, marking a 51% decline month over month. Coinbase also fell 0.72% in a day and 30% over the past month.

This weakness coincides with a broader correction in the crypto asset market. Reduced trading liquidity and increased macro uncertainty are cited as main causes, while Bitcoin is currently trading around $87,948, significantly down from the $126,000 peak recorded six weeks ago.