- Ark Invest purchased millions in crypto stocks like Circle, BitMine, and Coinbase on Monday amid a market downturn.
- The firm also increased its stake in its own spot Bitcoin ETF, ARKB, as Bitcoin’s price fell to a 15-month low.
- These buys align with Cathie Wood’s long-term bullish stance, despite recent sharp declines in the value of these assets.
- Wood has previously predicted Bitcoin could reach $1.2 million by 2030, though she recently adjusted that target down from $1.5 million.
On Monday, as Bitcoin slumped to its lowest price since 2024, Cathie Wood’s Ark Invest aggressively bought the dip in several major crypto-related equities. The firm added over $8.7 million in Circle shares and more than $6 million in BitMine Immersion Technologies stock across its actively managed ETFs.
Consequently, Ark now holds nearly $248 million in Circle and $228 million in BitMine, according to data from Cathie’s Ark. It also bolstered its substantial $425 million position in Coinbase, which remains its seventh-largest holding.
However, these purchases come as the shares are experiencing significant declines. Both Circle and BitMine have fallen more than 20% in the last five trading days, mirroring drops at Coinbase and Bullish.
Meanwhile, this continues a pattern of Ark accumulating assets during sell-offs, such as a $9 million BitMine purchase in November when it traded around $38. The stock now trades near $21.78, its lowest point since a major rally last July.
Furthermore, Wood has recently dismissed bubble concerns around AI, instead “pointed to a bubble in precious metals like Gold.” She maintains a famously bullish long-term outlook for Bitcoin, predicting it could reach $1.2 million by 2030.
Bitcoin fell to $75,442 on Sunday before briefly recovering. The price is plunging again on Tuesday, recently trading for $74,618.
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