ARK Invest Expands Crypto Portfolio Amid Market Downturn

ARK Invest Bolsters Crypto Holdings

On Wednesday, ARK Invest, led by Cathie Wood, increased its stake in crypto-related stocks despite a market downturn. The investment firm acquired shares in Bullish, Circle Internet Group, and BitMine Immersion Technologies across various exchange-traded funds (ETFs).

According to ARK’s daily trade disclosure, the ARK Fintech Innovation ETF (ARKF) purchased 48,011 shares of Bullish, while the ARK Next Generation Internet ETF (ARKW) acquired 92,670 shares. The ARK Innovation ETF (ARKK) made a significant investment, buying 322,917 shares of Bullish, totaling $16.8 million.

ARK also invested in Circle, the issuer of the USDC stablecoin. ARKF bought 22,327 shares, ARKW obtained 43,174, and ARKK acquired 150,518 shares, amounting to roughly $15 million.

BitMine shares were also added to ARK's portfolio, with ARKF purchasing 26,923 shares, ARKW acquiring 51,954, and ARKK buying 181,774 shares, totaling $7.6 million.

Crypto Stocks Decline

The acquisitions occurred as crypto-exposed stocks continued to decline. Bullish dropped 3.63% to $36.39, Circle fell nearly 9% to $69.72, and BitMine ended the day down 9.5% at $29.18, although it recovered over 6% after hours. Michael Saylor's Bitcoin treasury firm Strategy saw a 9.82% drop before a slight recovery.

Notably, ARK has been actively purchasing crypto stocks amid falling prices, acquiring $10.2 million worth of BitMine shares earlier in the week.

Nvidia's Strong Earnings Boost Market Sentiment

Nvidia reported strong earnings on Wednesday, posting $57 billion in revenue and $31.9 billion in profit, surpassing Wall Street expectations. The chip maker's positive outlook for the fourth quarter helped alleviate market concerns about AI demand, boosting tech and crypto-linked stocks. Nvidia shares surged over 5% after hours, with gains spilling over to other major tech companies.