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On Tuesday, Cathie Wood-led Ark Invest executed significant trades, including purchases of Circle Internet Group Inc. (NYSE:CRCL), Coinbase Global Inc. (NASDAQ:COIN), Robinhood Markets Inc. (NASDAQ:HOOD), ARK 21Shares Bitcoin ETF (BATS:ARKB), and Bitmine Immersion Technologies Inc. (NYSE:BMNR). These trades occurred as the cryptocurrency market faced extreme volatility, with major cryptocurrencies like Bitcoin experiencing notable declines.
Leading cryptocurrencies extended their selloff as Bitcoin (CRYPTO: BTC) slid below $73,000 to its lowest level since November 2024, triggering more than $750 million in liquidations amid "extreme fear" sentiment. The global crypto market cap fell to $2.59 trillion, while analysts flagged the possibility of a short-term relief rally despite deepening bearish expectations.
Ark Invest’s ARK Innovation ETF (BATS:ARKK) and ARK Blockchain & Fintech Innovation ETF (BATS:ARKF) acquired 42,878 shares of Circle valued at approximately $2.4 million based on the closing price of $56.16.
Circle, the issuer of USDC (CRYPTO: USDC), saw its stock decline by 4.59% on the same day.
Ark Invest’s ARKF fund purchased 3,510 shares of Coinbase Global Inc , totaling approximately $630,606. Coinbase, a leading cryptocurrency exchange, experienced a 4.36% drop in its stock price, closing at $179.66.
Shares of Coinbase and other crypto-related companies traded lower after Bitcoin fell below $80,000 this week, pressured by a tightening U.S. liquidity environment that hit high-risk assets. The sell-off weighed on crypto equities as investors absorbed ETF losses and weakening market confidence across the sector.
ARKK, ARKF and ARK Next Generation Internet ETF (BATS:ARKW) funds collectively bought 89,677 shares of Robinhood, valued at around $7.8 million.
Robinhood shares slid sharply, down about 40% from their 52-week high, as a steep selloff pushed the stock into oversold territory despite weak momentum. ARK Invest bought roughly $32.7 million worth of shares, betting on a potential long-term boost from proposed "Trump Accounts" and a technical rebound.
ARKF and ARKW funds acquired a total of 135,131 shares of ARK 21Shares Bitcoin ETF, valued at approximately $3.4 million.
The ETF, which tracks the performance of Bitcoin, saw a 1.97% decline, closing at $25.36. This purchase highlights Ark’s continued belief in the potential of Bitcoin and its role in the future of finance.
ARKK fund bought 145,488 shares of Bitmine Immersion Technologies, worth about $3.25 million. The Tom-Lee chaired Bitmine, an Ethereum (CRYPTO: ETH) treasury management firm, experienced a 1.97% drop, with its stock closing at $22.35.
This acquisition aligns with Ark’s focus on companies that are integral to the infrastructure of the cryptocurrency market.
ARKF and ARKK funds purchased a total of 125,218 shares of Bullish, valued at approximately $3.5 million. Bullish, a digital asset exchange, saw its stock decline by 3.93%, closing at $27.64.
Ark's investment in Bullish aligns with its strategy of backing companies that support the trading and exchange of digital assets. Bullish is backed by PayPal co-founder Peter Thiel. By comparison, crypto exchange Coinbase, a rival to Bullish, accounted for 3.52% of Ark's portfolio by weight, while Bullish represented 1.15%. At the time of writing, Ark's Bullish holdings were valued at $138.6 million.
Benzinga Edge Stock Rankings indicate Coinbase stock has a Value in the 55th percentile and a Momentum in the 4th percentile.
Photo: ChrisStock82 / Shutterstock.com
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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