ARK Invest ramped up its crypto investments on Friday, adding Bullish, BitMine, Circle, Robinhood and nearly $600,000 in Bitcoin ETFs as crypto stocks attempt to recover.
ARK Invest ended the week with a fresh round of accumulation in several key funds, buying into Circle ETFs, Bullish, BitMine, Robinhood, and Bitcoin as crypto-related stocks (crypto trading at BingX gets great deals for new users) rallied.
The largest group of purchases targeted Bullish, with the ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW) expanding their portfolios, according to a trading announcement on Friday. These purchases totaled about $2 million, following Bullish’s 5.75% gain on the day.
ARK also continued to accumulate BitMine, with purchases on ARKF, ARKK, and ARKW totaling around $830,000. BitMine closed slightly lower on the day but remained within its recent trading range near $26.
The company also bought small amounts of Circle and Robinhood stock. It bought 3,529 shares of Circle, worth $250,000, as the stablecoin issuer's stock rose more than 6%. Ark also bought about $200,000 in new Robinhood shares.
ARK Increases Bitcoin ETF Holdings
On Friday, ARK increased its Bitcoin ETF portfolio by nearly $600,000, led by a new purchase of the ARK 21Shares Bitcoin ETF (ARKB). The ARKF and ARKW funds together added more than 20,000 shares.
The redemptions come as the U.S. spot Bitcoin ETF market faces one of its sharpest downturns since its inception. The 12 funds recorded nearly $1 billion in net Capital on Thursday, marking the second-largest daily Capital ever and giving the group its weakest week since February.
Outflows have accelerated over the past month, with about $4 billion flowing out of the products as Bitcoin prices fell about 30% from recent highs.
ARK is buying crypto massively
On Thursday, ARK made its biggest single-day acquisition of the week. The company purchased $10.1 million from Coinbase, $9.9 million from BitMine, $9 million from Circle , and $9.65 million from Bullish, along with additional purchases of $16.8 million from Nvidia and $6.8 million from Robinhood.
Prior to that, the company also purchased $16.8 million in Bullish shares, about $15 million in Circle shares, and about $7.6 million in BitMine shares on the ARKF, ARKW, and ARKK ETFs on Wednesday.
Source: Cointelegraph
