ARK Invest, the tech-focused asset manager run by Cathie Wood, has deployed $43.5 million into crypto-related equities over three consecutive trading days, taking advantage of sharp declines across the sector.
What ARK bought and how much
The firm’s largest single purchase was 122,544 shares in Coinbase (COIN), worth approximately $18.6 million since Thursday. ARK also added 169,777 shares in Circle (CRCL), the stablecoin issuer that recently went public, worth roughly $12.9 million over the same window.
Beyond those two headline buys, ARK picked up nearly $5.2 million in crypto exchange Bullish (BLSH), $5.12 million in brokerage firm Robinhood (HOOD), which has aggressively expanded into crypto tokenization in recent months, and $1.69 million in crypto-friendly bank SoFi Technologies (SOFI), purchased on Monday.
The market backdrop driving the purchases
ARK’s buying spree comes directly after a sustained selloff in crypto equities. Over the past month, Circle shares have dropped 27.6%, Coinbase has fallen 16.9%, and Bullish has declined 26.3%. Bitcoin itself slipped to a near two-year low of $58,190 during that period, while investor confidence in the CLARITY Act clearing Congress before the November US midterm elections has notably faded.
Where the shares are going
Most of the newly acquired positions were allocated to ARK’s flagship ARK Innovation ETF (ARKK), followed by the ARK Next Generation Internet ETF (ARKW). The ARK Blockchain and Fintech Innovation ETF (ARKF) also received additional crypto-related stock exposure.
Alongside the crypto purchases, ARK added to positions in Elon Musk’s SpaceX (SPCX) and software intelligence platform Palantir (PLTR) across the same three-day stretch.
What ARK trimmed
On the sell side, ARK reduced positions in Alibaba (BABA), Roku (ROKU), Strata Critical Medical (SRTA) and several other companies over the same period.
