ARK Invest adds to positions in 6 crypto stocks including BitMine, Coinbase, and Circle on dips

Cathie Wood-led Ark Invest dips into the market for strategic buys, adding to six US stocks including BitMine, Coinbase, and Circle, all on a down day.
(Background context: ARK Invest Stablecoin Guide: Analyzing Design Mechanisms, Historical Development, and Risk Assessment of Stablecoins)
(Additional background: Tether’s valuation targets of 500 billion dollars shock the market, with SoftBank and Ark Capital evaluating potential investments)

Ark Invest, led by Cathie Wood, expanded its holdings on Monday, increasing positions in crypto-related assets during a decline. According to its trading disclosures, Ark purchased approximately:

• $17 million worth of BitMine
• $16.26 million worth of Coinbase
• $10.8 million worth of Circle Internet Group
• Also increased holdings in Block Inc. by approximately $5.94 million
• Approximately $5.2 million in Bullish
• About $1.24 million in Ark-21Shares spot Bitcoin ETF

It’s noteworthy that all six assets closed lower on Monday.

BitMine dropped 11.22% to $30.95; Coinbase fell 6.37% to $250.42; Circle declined 9.60% to $75.46; Block decreased 1.13%; Bullish dropped 2.55%; and Ark’s Bitcoin ETF also decreased 4.91%.

Meanwhile, the broader market retreated, with Bitcoin down 4.08% to $85,799; Ethereum down 5.74% to $2,931 (as of 11:10 PM Monday).

ARK Invest CEO Cathie Wood reiterated earlier this month that, after observing the “deflationary bottom related to new technological innovations,” she expects a “significant shift in inflation” next year. Her buying spree across multiple crypto and tech positions on the day of price correction continues her consistent strategy of buying on dips.

Market performance on the day

All six targets closed lower on Monday: BitMine -11.22% ($30.95), Coinbase -6.37% ($250.42), Circle -9.60% ($75.46), Block -1.13%, Bullish -2.55%, Ark Bitcoin ETF -4.91%. The same day, Bitcoin fell 4.08% to $85,799, and Ethereum dropped 5.74% to $2,931, indicating crypto assets and related stocks are under pressure simultaneously.

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