Tech-focused asset manager ARK Invest has increased its investments in Coinbase, Circle and other crypto-related stocks despite a recent market dip.
In the latest move to capitalize on the downturn of the cryptocurrency market, tech-focused investment firm ARK Invest added $43.5 million worth of shares in major players such as Coinbase (COIN) and Circle (CRCL). Over the past three trading days, ARK purchased 122,544 additional shares in Coinbase valued at approximately $18.6 million, while also acquiring another 169,777 shares in Circle worth roughly $12.9 million.
In addition to these purchases, ARK made significant investments in other crypto-related firms such as Bullish (BLSH), Robinhood (HOOD) and SoFi Technologies (SOFI). The firm added nearly $5.2 million in Bullish shares and almost $5.12 million worth of Robinhood's stock to its portfolio, while also buying $1.69 million in SoFi Technologies.
ARK’s moves come as the broader market has turned bearish on crypto-related stocks over the past month, with Coinbase down 17%, Circle down 27.6% and Bullish down 26.3%. Bitcoin (BTC) also slipped to a near two-year low of $58,190 during this period, while there is growing uncertainty about the passage of the CLARITY Act before US midterm elections in November.
The firm’s latest purchases were made through its flagship ARK Innovation ETF (ARKK), followed by the ARK Next Generation Internet ETF (ARKW). The ARK Blockchain & Fintech Innovation ETF (ARKF) was also impacted, with additional crypto-related stocks added to the portfolio. In contrast, positions in Alibaba (BABA), Roku (ROKU) and Strata Critical Medical (SRTA) were reduced.
These actions by ARK Invest highlight the firm's commitment to maintaining its position as a leader in identifying and investing in disruptive technologies, including cryptocurrencies and blockchain-based applications. As market conditions continue to evolve, traders should closely monitor these trends for potential investment opportunities.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.