ARK Invest Intensifies Crypto Buying Amid Market Downturn

• ARK Invest made aggressive crypto sector buys despite a market-wide digital asset slump.

• Largest purchases included Bullish, BitMine, Circle, Robinhood stocks, and Bitcoin ETFs.

Despite a general market drop that led to a decrease in the prices of digital assets and related equities, ARK Invest went on with aggressive purchases in the crypto sector on Friday. The company invested in various stocks, focusing on Bullish, BitMine, Circle, Robinhood, and Bitcoin exchange-traded funds in its different portfolios. The buying program on Friday was a clear indication of ARK’s trust in the turnaround of the crypto equities to a great extent, after the crypto sector had been hit hard in the last few days.

Strategic Accumulation Across Multiple Funds

Following the daily rise of the stock by 5.75%, ARK’s biggest chunk of money was heavily Bullish and about $2 million was spent in total across ARKK, ARKF, and ARKW funds. In spite of BitMine closing a little lower near its $26 trading range, roughly $830,000 in new investments were infused equally in the three funds. 

As the stablecoin issuer went up by more than 6% during Friday’s session, the company bought 3,529 shares of Circle worth $250,000. Robinhood positions were raised by around $200,000 to become one of the biggest holdings in the commission-free trading platform operator, where ARK already had exposure. Besides that, ARK made the largest part of the Bitcoin ETF purchases by almost $600,000. Most of the buying was done with ARK 21Shares Bitcoin ETF shares that went up by more than 20,000 units.

This buying spree took place amid a broader Bitcoin ETF market that went through a tough time, and almost $1 billion in net outflows were recorded on Friday. The total withdrawals accounted for the second-largest single-day exodus since spot Bitcoin ETFs were launched, thus leading to the weakest weekly performance since February. The price of Bitcoin has dropped by about 30% from the recent highs, and around $4 billion has been withdrawn from ETF products in the last month. 

On Thursday, ARK made its biggest single-day purchase, which included $10.1 million of Coinbase, $9.9 million of BitMine, and $9 million of Circle shares. Among the other Thursday purchases were $9.65 million of Bullish, $16.8 million of Nvidia, and $6.8 million of Robinhood, traded across different fund holdings.

On Wednesday, the purchase was most prominent with roughly $16.8 million happening in Bullish, $15 million in Circle, and $7.6 million in BitMine. The money was shared across funds. 

Contrary to market trends, the decision of ARK to go against the grain is one of the signs that crypto-related assets still enjoy the favour of institutional investors in spite of the current market turmoil and large capital outflows. The investment company’s bold buying plan is a clear indication of a turnaround in the digital asset markets and the corresponding equity valuations.

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