Cathie Wood’s Ark Invest increased its exposure to crypto-related stocks on Wednesday, buying bullish, round internet and bitmine technologies groups in several exchange-traded funds (ETFs) as crypto stocks plunged deeper into the red.
According to ARK’s daily disclosure, Ark Fintech Innovation ETF (ARKF) bought 48,011 shares Bullish, while Ark Next Generation Internet ETF (ARKW) added 92,670 shares. The ARK Innovation ETF (ARKK) made the biggest move of the group, buying 322,917 Bullish shares, bringing in a total of $16.8 million.
Ark followed it with a sizeable purchase of Circle, the company behind USDC (USDC) StableCoin. Arkf picked up 22,327 shares and Arkw snapped up 43,174, while Arkk added 150,518 shares, taking nearly $15 million worth of shares to the StableCoin Issuer.
Ark also added bitmine shares. ARKF bought 26,923 shares, and Arkw added 51,954. Arkk accumulated the single largest amount with 181,774 shares, bringing the total amount to $7.6 million.
Related: Ark Invest continues crypto buying, adds bitmine shares and is bullish
Crypto stocks are still sliding
The buying came as crypto-exposed stocks broadly weakened as the crypto market continued to pull back from October highs.
Bullish fell 3.63% on the day to $36.39, continuing its recent slide before recovering slightly in after-hours trading. Circle closed the session up nearly 9% at $69.72. Bitmine ended the day down 9.5% at $29.18, though it recovered more than 6% after hours.
The Michael Saylor-led Bitcoin Treasury Firm strategy was hit even harder, dropping 9.82% on the day before recovering some losses in the after hours.
Notably, Ark has been on a crypto buying spree for the past week amidst crypto prices. On Monday, the firm bought $10.2 million worth of bitmine Shares as its stock price slipped to a new record low.
Related: Cathie Wood’s Ark Invest Adds Bitmine Shares as It Offloads $30m in Tesla Stock
Nvidia post blowout earnings
As reported by Cointelegraph, nvidia delivered another blockbuster quarter on Wednesday, posting $57 billion in revenue and $31.9 billion in revenue, both above Wall Street expectations. The chip maker also issued a strong fourth-quarter revenue forecast of $65 billion, easing weeks of market anxiety over whether AI demand is starting to cool.
Upbeat earnings boosted sentiment across tech and crypto-related equities. Shares of NVIDIA jumped more than 5% after hours, and momentum built on big tech, with Apple, Microsoft, Alphabet, Amazon and Meta all posting after-hours gains.
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