Ark Invest Bought More Than $77 Million of Crypto Stocks Last Month in Market Slump

Cathie Wood's Ark Invest bought more than $77 million of cryptocurrency-related stocks last month.

CoinDesk reported on July 1 that Ark bought more than $77 million of shares in crypto companies including Coinbase, Circle and Bullish during the month, based on each stock's closing price on the purchase date.

Ark bought $44 million of shares in US crypto exchange Coinbase. It also purchased $25.25 million of shares in Circle, the issuer of the USDC stablecoin, and $8.2 million of shares in US crypto exchange Bullish.

The purchases came as the crypto market underwent a sharp correction last month. CoinDesk said Bitcoin posted its worst monthly performance in four years, sending shares of digital-asset companies lower. Ark treated the selloff as a buying opportunity, the report said.

Circle shares have fallen nearly 40% over the past month. Over the same period, Coinbase and Bullish shares dropped about 20% and 27%, respectively.