Ark Invest adds to holdings of BitMine, Coinbase and Bullish amid share price declines

Ark Invest, led by Cathie Wood, added to its stakes in crypto-related stocks BitMine, Coinbase and Bullish amid a correction in the sector.

According to The Block on the 18th (local time), Ark Invest purchased about $10.56 million worth of BitMine shares that day through three exchange-traded funds (ETFs). This was an additional investment following a roughly $17 million BitMine purchase made on the 16th.

Ark also bought about $5.9 million worth of Coinbase shares and about $8.85 million worth of Bullish shares on the same day. With crypto-related stocks broadly showing declines recently, the firm increased its weightings at relatively discounted price levels.

In fact, BitMine (BMNR) closed at $29.32 on the 18th, down 6.59% from the previous day, and is down about 24% over the past five trading days. Coinbase closed at $244.19 the same day, down 3.33%, and is down 8.78% over the past five days. Bullish likewise closed at $42.15, down 1.89%, and is down 6.41% over five trading days.

Analysts say Ark Invest's buying is aligned with CEO Cathie Wood's medium- to long-term macro outlook. Wood previously forecast that inflation will reach a "real break" around 2026.

Tom Lee, chairman of BitMine's board, also remains optimistic about the medium- to long-term prospects for the crypto market, citing recent regulatory changes and increased institutional investor participation. BitMine has regularly purchased Ethereum amid market volatility to increase its holdings, and Lee said, "The best days for the crypto market have not yet come."