Ark Invest, led by prominent technology investor Cathie Wood, took significant steps on Thursday to bolster its holdings in crypto-related equities amidst ongoing market volatility. The firm allocated approximately $10 million to acquire shares of Coinbase (COIN), alongside investments of around $9 million each in BitMine Immersion Technologies (BMNR) and Circle (CRCL).
The majority of these investments were made through Ark’s Fintech Innovation ETF (ARKF), bringing the total value of COIN shares within the ETF to nearly $58 million after the purchase of about 42,419 shares. Coinbase remains the second-largest holding in the ETF, closely following Shopify.
In addition to the aforementioned stocks, Ark Invest increased its stakes in Bullish (BLSH) and Robinhood (HOOD), investing approximately $9.75 million in Bullish across three different ETFs and around $6.7 million in Robinhood shares. These acquisitions represent the firm’s ongoing strategy of buying during market dips.
Over the past few weeks, Ark Invest has been actively increasing its exposure to the cryptocurrency sector. The firm’s recent activities include a $30 million investment in stablecoin issuer Circle last week, even as the company’s shares reached historical lows following its massive IPO. Prior to this, Ark’s emphasis on BitMine demonstrated a commitment to investing in declining assets, as BMNR continues to be influenced by falling Ethereum values.
Currently, Ark Invest holds over $500 million worth of Coinbase shares across its ETFs. The firm also maintains substantial positions in Circle, valued at around $244 million, Robinhood worth $408 million, BitMine at $196 million, and Bullish at $144 million, as of the end of trading on Thursday.
Cathie Wood is also well-known for her bullish outlook on Bitcoin, once predicting it could exceed $1 million in value. However, reflecting shifts in the market landscape, she recently adjusted her price target downwards. Wood now forecasts Bitcoin could reach approximately $1.2 million per coin by 2030, a decrease from her earlier estimate of $1.5 million. Despite this adjustment, Bitcoin has witnessed a decline of nearly 4.3% over the past day, trading around $83,597.
Ark Invest’s assertive strategy amid market uncertainties underscores its confidence in the long-term potential of cryptocurrency assets, reflecting Cathie Wood’s broader investment philosophy.
