ARK Invest continues to expand its cryptocurrency-related stock portfolio as the market falls sharply. On Friday, the ARKF, ARKW, and ARKK funds purchased a total of 169,407 BitMine shares worth 5.83 million USD, along with 75,515 Bullish shares valued at 2.91 million USD. The buying spree occurred despite both stocks plummeting on the day, with Bullish down 6.19% and BitMine falling nearly 6%.
This buying spree follows a large trading series by ARK last week, when the company spent about 46 million USD to purchase 542,269 shares of Circle (CRCL) over two days, taking advantage of the price falling to 82–86 USD. These are the first Circle trades since June, when ARK sold 1.7 million shares at a price of 200 USD.
ARK also increased its ownership of BitMine, purchasing over 242,000 shares on Thursday. BitMine currently holds more than 3.5 million ETH worth over 11 billion USD and has just changed its CEO to strengthen its long-term strategy.
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