Cathie Wood's Ark Invest expanded its exposure to BitMine, Coinbase, Circle, Block and Bullish shares on Monday, stocking up as these crypto-related equities recorded a notable decline.
According to its trade filing, Ark Invest purchased $17 million worth of BitMine shares, $16.26 million worth of Coinbase shares, and $10.8 million worth of Circle Internet Group across three of its exchange-traded funds — ARKK, ARKW, and ARKF — on Monday.
Ark also bought $5.94 million worth of Block Inc., $5.2 million worth of Bullish crypto exchange shares, and $1.24 million worth of its Ark-21Shares Bitcoin ETF.
All six items that Ark bought declined on Monday. BitMine, the world's largest Ethereum treasury company, fell 11.22% to close the day at $30.95. Coinbase dropped 6.37% to $250.42, while Circle dipped 9.60% to $75.46. Block shares fell 1.13% and Bullish shares dropped 2.55%. Ark's spot bitcoin ETF price declined by 4.91% on Monday.
Bitcoin and the overall cryptocurrency market also declined on Monday. The world's largest cryptocurrency is down 4.08% to $85,799, while ether is down 5.74% to trade at $2,931 as of 11:10 p.m. on Monday.
Earlier this month, Ark Invest CEO Wood reiterated her point made in a previous webinar that the company is seeing signs of the "undercurrents of deflation" linked to new tech innovations, and predicted that there could be a "real break" in inflation in the coming year.
