Ark Invest buys shares in Peter Thiel-backed Bullish for 10 straight days
Cathie Wood’s Ark Invest purchased additional Bullish and Circle shares on Wednesday, exemplifying its long-term conviction in crypto.
The firm bought a total of 364,044 Bullish shares across three of its exchange-traded funds, worth $11.6 million based on Wednesday's closing price, according to the firm's latest trading disclosures.
This marks the tenth consecutive trading day that Ark expanded its position in the Peter Thiel-backed crypto exchange.
After falling to its lowest closing price of $24.90 on Feb. 9, Bullish has recovered somewhat over the past five days, rising 28.3%. It closed Wednesday at $31.88, down 0.5% for the day.
Ark also purchased 75,559 shares in Circle on Wednesday, worth roughly $4.4 million. The USDC issuer dropped 3.2% on Wednesday to close at $57.86. While its stock price rose 7.8% in the past five days, it has fallen 30% over the past month.
Major equity indexes also edged lower on Wednesday — the Dow Jones Industrial Average fell 0.1% while the Nasdaq Composite dropped 0.2%. The S&P 500 traded flat for the day.
Meanwhile, bitcoin gained o.2% in the past 24 hours to $67,143. Ether rose 0.9% to $1,968.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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