Ark Invest added $39.6 million to its holdings of three crypto company shares on Wednesday as the broader crypto market fell.
Cathie Wood’s investment management firm added 463,598 shares of Crypto Exchange Bullish (BLSH), worth $16.9 million by the end of trading, according to an emailed disclosure. It also bought 216,019 shares of StableCoin Issuer Circle Internet Group (CRCL) and 260,651 of ether Asset Treasury firm Bitmine Immersion Technologies (BMNR), valued at $ 15.1 million and $ 7.6 million, respectively.
The St. Petersburg, Florida-based company holds crypto and crypto-adjacent shares in three of its exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF).
The slide in the cryptocurrency market, which saw Bitcoin fall as low as $89,000 this weekhas taken a bite out of the share prices of crypto companies. Both CRCL and BMNR fell nearly 9% on Wednesday, while Blsh, which owns Coindesk, lost 3.63%. The Coindesk 20 Index (CD20) fell 3.22%.
Ark Invest Bargain hunting often goes when share prices appear depressedsometimes to get maximum value from equities while remaining bullish in the long term and sometimes to rebalance its ETF holdings within its target parameters.
