ARK Invest Upped Exposure To Crypto Stocks Amid Market Downturn

Cathie Wood-founded asset manager ARK Invest revealed on Monday it had upped its exposure to crypto-linked stocks amid a stock slump this week.

In a trade notification shared with Cointelegraph on Monday, ARK Invest indicated that it had bought shares in trading platform Robinhood, stablecoin issuer Circle, Jack Dorsey’s Block Inc, digital asset manager BitMine and crypto exchanges Coinbase and Bullish, among others. 

The purchases were made primarily across two of the firm’s exchange-traded funds (ETFs),  including the ARK Innovation ETF (ARKK) and the ARK Blockchain & Fintech Innovation ETF (ARKF), while the ARK Next Generation Internet ETF also upped its exposure to crypto-linked stocks.

The biggest buys included 235,077 shares of HOOD, worth around $21.1 million at current prices, and 274,358 BMNR shares worth around $6.2 million within the ARKK ETF.  

Crypto stocks have had a poor start to the week, with major crypto stocks in the red on Monday, according to data from Google Finance. At the time of writing, Robinhood and Circle are down almost 10% and 8%, respectively, while BitMine and Bullish are down 9.16% and 4.47%, respectively. 

Coinbase, Strategy, Metaplanet and Galaxy Digital shares have also dipped.

ARK Invest’s ETFs have faced a fair amount of pressure over the past few months,  with the market continuing to stagger along since the October crypto market crash.