Ark Invest Buys the Dip in Crypto-Related Stocks Including Circle, Bitmine, and Bullish

Odaily News Ark Invest continued to buy the dip in several crypto-related companies as the cryptocurrency market and related stocks experienced a prolonged correction. Trading documents show that Ark purchased approximately $9.4 million worth of Circle stock through two of its ETFs on Monday. It also increased its holdings in Ethereum treasury company Bitmine by about $6.25 million and in cryptocurrency exchange Bullish by roughly $6 million.

Additionally, Ark made smaller purchases of Block and Coinbase, with amounts around $1.9 million and $1.25 million, respectively. Reports indicate that the stock prices of these companies have recently seen significant declines. Circle's stock price has fallen approximately 65% over the past six months, while Bitmine, Bullish, and Coinbase also recorded varying degrees of decline on the day.

Analysis suggests that Ark's move demonstrates its continued long-term bullish stance on the crypto industry despite the market adjustment phase. Previously, Ark CEO Cathie Wood also stated that the recent strength in gold prices might signal the arrival of Bitcoin's next bull market. (The Block)