Ark Invest added $39.6 million to its holdings of three crypto company shares on Wednesday as the broader crypto market dropped.
Cathie Wood’s investment management firm added 463,598 shares of crypto exchange Bullish (BLSH), worth $16.9 million at the close of trading, according to an emailed disclosure. It also bought 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) and 260,651 of ether asset treasury firm Bitmine Immersion Technologies (BMNR), worth $15.1 million and $7.6 million, respectively.
The St. Petersburg, Florida-based company holds crypto and crypto-adjacent shares in three of its exchange-traded funds (ETFs): Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF).
The slide in the cryptocurrency market, which saw bitcoin fall as low as $89,000 this week, has taken a bite out of the shares prices of crypto firms. Both CRCL and BMNR dropped by around 9% on Wednesday, while BLSH, which owns CoinDesk, lost 3.63%. The CoinDesk 20 index (CD20) fell 3.22%.
Ark Invest frequently goes bargain hunting when share prices appear depressed, sometimes to gain maximum value from equities it remains bullish on in the long term and sometimes to rebalance the holdings of its ETFs within its targeted parameters.