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The ongoing sharp price drops in the cryptocurrency markets are being seen as a buying opportunity by some large institutional investors.
In this context, Ark Invest capitalized on the pullbacks in crypto-focused company stocks to expand its portfolio. According to the company’s published transaction notifications, Ark Invest made new purchases in several crypto-related stocks, primarily Circle, Bitmine, and Bullish.
On Monday, Ark Invest purchased a total of $9.4 million worth of Circle shares through two different exchange-traded funds (ETFs). In addition, it invested $6.25 million in Bitmine, known as an Ethereum treasury company, and approximately $6 million in Bullish, a cryptocurrency exchange.
Additionally, Ark made more limited purchases in Block Inc. and Coinbase shares, adding positions of $1.9 million and $1.25 million respectively.
These purchases coincided with a period when the cryptocurrency market experienced a general downturn, resulting in a significant decline in the value of these shares. According to the data, Circle shares closed down 7.9% at $58.86 on Monday, bringing their total value loss over the past six months to 65%.
Bitmine shares, led by Tom Lee, fell 9% on the same day, while Bullish shares dropped 4.7%. Coinbase also ended the day down 3.5%.
This pullback in crypto-related stocks aligns with the overall market outlook. Bitcoin was trading at $78,641 at the time of writing, having lost approximately 10.9% in value over the past week. Ethereum, meanwhile, fell 20% during the same period, dropping to $2,331.
On the other hand, Ark Invest CEO Cathie Wood recently argued in a post on the X platform that the rise in gold prices could be a harbinger of the next bull run for Bitcoin. Wood emphasized that the correlation between Bitcoin and gold has been low since 2020, but in the last two major cycles, gold prices moved before strong increases in Bitcoin.
