Ark Invest Goes Bargain Hunting, Buys Almost $40M Crypto Stocks as Equity Slide Continues

Ark Invest bought $38.7 million worth of shares in crypto companies on Thursday as the broader cryptocurrency market extended its losses.

The purchases echo Wednesday’s activity, when it bought a combined $39.6 million of Bullish (BLSH), Bitmine Immersion Technologies (BMNR) and Circle Internet (CRCL).

The St. Petersburg, Florida-based investment manager purchased 42,419 shares in Coinbase (COIN), worth $10.1 million based on Thursday’s closing price of $238.16, 7.44% lower on the day.

The CoinDesk 20 Index (CD20) fell over 4.7% on Thursday.

The Cathie Wood-led firm also bought 380,244 shares in Bitmine Immersion Technologies, worth just under $10 million, according to an emailed disclosure on Friday.

BMNR dropped by more than 10% to close at $26.02, its lowest point since adopting an Ethereum-focused digital treasury strategy in June.

Ark added 264,534 Bullish shares and 134,650 Circle Internet Group shares, worth around $9.7 million and $9 million respectively.

CRCL fell 4% on Thursday to $66.93, while BLSH held its own with a 0.3% rise to $36.30.

Crypto exchange Bullish’s parent company is also the owner of CoinDesk.