ARK Invest Snaps Up $60M in Crypto Stocks Amid Selloff

ARK Invest bought nearly $60 million in crypto stocks like Coinbase, Circle, and Bitmine during a sector selloff, adding to its large holdings despite ongoing declines in both crypto equities and the broader market.

ARK Invest made significant purchases of crypto-related stocks totaling nearly $60 million on Monday, targeting companies such as Coinbase, Circle, Bitmine Immersion Technologies, Bullish, and CoreWeave. These acquisitions occurred amid a multi-day selloff in the crypto sector, with all targeted stocks experiencing notable declines. Coinbase received the largest allocation, followed by substantial investments in Circle and Bitmine. The purchases were executed across ARK's main exchange-traded funds: ARKK, ARKW, and ARKF. Despite the ongoing downturn, ARK Invest continued its strategy of buying into price declines, adding to its already sizable holdings in these companies. The broader cryptocurrency market also saw declines, with Bitcoin and Ethereum both dropping significantly. ARK's actions reflect a continued commitment to the crypto sector, viewing the current selloff as a valuation opportunity rather than a warning sign.