Ark Invest Increases Exposure to Crypto with New Bitmine, Bullish Buys

TLDR

• Ark Invest purchased 212,314 shares of Bitmine across three ETFs, valued at $4.2 million.
• The firm bought 74,323 shares in Bullish, totaling $2.4 million, continuing its buying streak.
• Bitmine shares rose 1.4% on Thursday but remain down 36.7% over the past month.
• Bullish shares fell 0.5% on Thursday and are down 18% over the past month.
• Ark Invest added 174,767 shares in Robinhood, valued at $12.4 million.

Ark Invest, led by Cathie Wood, made a move to strengthen its cryptocurrency holdings by purchasing more shares of Bitmine and Bullish. On Thursday, Ark Invest bought 212,314 shares of Bitmine, valued at $4.2 million, spread across three exchange-traded funds (ETFs). The firm also acquired 74,323 shares in Bullish, worth about $2.4 million, continuing its streak of 11 consecutive trading days buying into the crypto exchange.

Ark Invest’s Strategic Move into Bitmine

Ark Invest’s recent purchase of Bitmine shares came at a time when the cryptocurrency market is facing volatility. Bitmine shares rose by 1.4% on Thursday, closing at $19.74, but have fallen 36.7% over the past month. Despite this, Ark Invest continues to increase its stake, reflecting its long-term confidence in the crypto space.

The firm’s decision to add 212,314 Bitmine shares to its ETFs underlines its focus on Ethereum-related companies. Ark Invest’s diversified approach, combined with its consistent buying pattern, shows its intention to capitalize on the downturn in the market. This move follows Ark’s strategy of staying committed to digital assets despite their fluctuating performance.

Ark Invest Continues to Back Bullish Amid Market Dips

In addition to Bitmine, Ark Invest purchased 74,323 shares of Bullish, amounting to $2.4 million. This purchase marks the 11th consecutive day Ark has increased its position in Bullish. The crypto exchange’s shares fell 0.5% on Thursday to close at $31.71, with a 18% decline over the past month. Ark Invest’s sustained buying suggests the firm is undeterred by short-term price drops.

Bullish now holds the position of Ark Invest’s ninth-largest holding in its ARKF fund, with a 3.4% weighting. Ark’s confidence in Bullish, along with its continued purchases, shows the firm’s strategy of capitalizing on dips in crypto prices. The company maintains a commitment to ensuring no single holding exceeds 10% of its ETF portfolios, meaning rebalancing may occur as stock values fluctuate.

Along with its cryptocurrency-related purchases, Ark Invest also bought 174,767 shares in Robinhood, valued at $12.4 million. Robinhood’s stock, however, continued to drop, losing 8.9% on Thursday and extending its losses to 40% for the month. Despite these losses, Ark Invest maintains a diversified approach by purchasing shares in multiple companies.

These strategic purchases across various sectors reflect Ark Invest’s broader commitment to finding opportunities even in uncertain market conditions. By maintaining diversification across its portfolios, Ark positions itself to benefit from long-term growth in both traditional and crypto markets.

The post Ark Invest Increases Exposure to Crypto with New Bitmine, Bullish Buys appeared first on CoinCentral.