ARK Invest Buys $43.5 Million of Coinbase, Circle and Other Crypto Stocks on Dip

Cathie Wood's ARK Invest used the recent crypto market selloff as a buying opportunity, scooping up shares of publicly traded companies tied to the sector.

Cointelegraph reported on June 30 that ARK Invest bought a combined $43.5 million of crypto-related stocks, including Coinbase Global Inc. (COIN) and Circle Internet Group Inc. (CRCL), over the past three trading days.

ARK disclosure data show the firm purchased an additional 122,544 Coinbase shares worth about $18.6 million and 169,777 Circle shares worth about $12.9 million. It also added about $5.2 million of Bullish (BLSH) and about $5.12 million of Robinhood Markets Inc. (HOOD). Robinhood has aggressively expanded its crypto tokenization business in recent months. ARK also bought about $1.69 million of SoFi Technologies Inc. (SOFI), which is categorized as a crypto-friendly bank.

The purchases came as those stocks slumped. Over the past month, CRCL has fallen 27.6%, COIN has dropped 16.9% and BLSH has declined 26.3%. Over the same period, Bitcoin (BTC) fell to $58,190, its lowest level in about two years.

Most of the newly acquired shares were added to ARK's flagship ARK Innovation ETF (ARKK), while some were allocated to the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF).