ARK Invest adds to crypto stocks in a down market…boosts stakes in Bitmine and Circle

ARK Invest, led by Cathie Wood, moved to buy the dip by increasing its exposure to crypto-related names even as the digital-asset market remains weak.

According to The Block on the 3rd (local time), ARK Invest added to shares of crypto-related companies including Bitmine, Circle and Bullish on the day. The purchases came as the market continued to undergo a correction.

Through its exchange-traded funds (ETFs), ARK Invest bought about $3.25 million worth of shares in Bitmine, an Ethereum treasury company. It also added roughly $3.46 million in Bullish, a crypto exchange, and about $2.40 million in Circle, a stablecoin issuer.

In addition, it made smaller purchases of about $1.77 million in Block and about $630,606 in Coinbase. The trades mark another round of buying after ARK increased its exposure to crypto-linked names the previous day.

Share-price performance remains weak. Bitmine closed down 1.9% on the day, while Bullish fell 3.9% and Circle slid 4.6%. Block dropped 6%, and Coinbase also weakened 4.3%.

The moves come amid a broader pullback across the crypto market. Bitcoin was at $76,321 at the time of writing, down about 3% over the past 24 hours, while Ethereum fell 3.1% to $2,264.

Cathie Wood, CEO of ARK Invest, recently said on X that a rise in gold prices could be an early signal of a future bitcoin bull market. She explained that "since 2020, the correlation coefficient between bitcoin and gold has been only 0.14, but in the past two major cycles gold prices led bitcoin higher."