Ark Invest buys Bitmine stocks and is optimistic about other cryptocurrency stocks as prices hit new lows

Ark Invest continues to buy cryptocurrency stocks as the market weakens. Cathie Wood’s firm purchased 212,314 shares of Bitmine valued at $4.2 million and 74,323 shares of Bullish worth $2.4 million. At the same time, the fund allocated an additional $12.4 million to buy 174,767 shares of Robinhood.

This move comes as cryptocurrency stocks have plummeted over the past month: Bitmine lost more than 30% of its value, Bullish decreased by about 18%, and Robinhood dropped nearly 40%. Ark Invest has bought Bullish in 11 consecutive sessions, indicating a strategy of leveraging the decline to increase long-term positions.

The fund maintains a principle of not allowing any single holding to exceed 10% of the portfolio to control risk. Additionally, Ark Invest has invested in Coinbase, Circle, and Block, diversifying across the industry.

Cryptocurrency stock purchases by Ark Invest | Source: Ark Invest Tracker