Ark Invest buys the dip in crypto stocks like Block, Circle, and Coinbase

Cathie Wood's Ark Invest continued to increase its holdings in crypto-related stocks this Tuesday to take advantage of the price drop and the broader downturn in the crypto market. According to its trading documents, Ark Invest purchased $13.5 million worth of Block, Inc. stock, $7.6 million worth of Circle Internet Group stock, and $3.86 million worth of Coinbase stock through several of its exchange-traded funds (ETFs).

Ark Invest primarily acquired shares of these three companies through the Ark Innovation ETF (ARKK). As of Tuesday, Coinbase was the fourth largest holding in the fund, valued at $391 million, accounting for approximately 5.22% of its portfolio. ARKK also holds $179 million worth of Circle and $85.2 million of Block. Additionally, Ark Invest purchased $1.52 million worth of Bullish stock, $878,794 worth of Robinhood Markets stock, and $2.8 million of its own Ark-21Shares spot Bitcoin ETF on Tuesday.

Ark Invest has been consistently increasing its holdings in crypto-related stocks in recent weeks, taking advantage of their poor market performance. Block stock closed up 2.96% at $63.69 on Tuesday, but has fallen 20.54% over the past month. USDC issuer Circle dropped 3.62% to $70.11 on Tuesday, down 51% from a month ago. Coinbase fell 0.72% on Tuesday, down 30% over the past month.