Ark Invest increases positions in crypto-related stocks like Circle, Bitmine, and Bullish on dips

Odaily Planet Daily reports that Ark Invest continues to increase its holdings in multiple crypto-related companies on dips amid ongoing declines in the crypto market and related stocks. Trading documents show that on Monday, Ark purchased approximately $9.4 million worth of Circle stock through two of its ETFs; simultaneously, it increased its stake in Ethereum treasury company Bitmine by about $6.25 million, and in the crypto exchange Bullish by approximately $6 million.

Additionally, Ark slightly increased its holdings in Block and Coinbase, with amounts of about $1.9 million and $1.25 million respectively. The report states that the stock prices of these companies have recently experienced significant declines, with Circle’s stock price falling approximately 65% over the past six months, and Bitmine, Bullish, and Coinbase also recording varying degrees of decline on the same day.

Analysts believe that Ark’s actions demonstrate its continued long-term bullish stance on the crypto industry during the market correction phase. Previously, Ark CEO Cathie Wood also stated that the recent strength in gold prices could signal the arrival of the next Bitcoin bull run. (The Block)