The broader digital asset market is in a bearish state, but some experts are leveraging the dip to expand their crypto exposure. Cathie Wood’s investment management company, Ark Invest, is one of them, having scooped up thousands of shares linked to crypto firms over the last few trading days. According to the latest trade filing from Ark Invest, the firm spent over $19 million to purchase additional crypto-related stocks through its exchange-traded funds (ETFs) on February 3. The acquired shares are tied to multiple companies, including the stablecoin issuer Circle, crypto exchanges Coinbase and Bullish, and Ethereum treasury firm Bitmine. Ark Invest Buys Crypto Stocks On Tuesday, Ark Invest bought 145,488 Bitmine shares for $3.25 million and 125,218 Bullish shares for $3.46 million. In addition, the company purchased 42,878 Circle shares for $2.4 million and 3,510 Coinbase shares for $630,606. Notably, Ark Invest also tapped into the Bitcoin-focused tech entity Block Inc. and financial services firm Robinhood, buying shares totaling 31,202 and 89,677 for $1.77 million and $7.8 million, respectively. The Tuesday purchases followed a heavier round of acquisitions on Monday. Ark Invest had scooped up crypto-related shares worth more than $71 million. Similarly, the Monday buys included shares of Coinbase, Circle, Bitmine, Robinhood, Bullish, and Block Inc. The firm made these purchases through several ETFs, including ARK Blockchain & Fintech Innovation ETF (ARKF) and ARK Innovation ETF (ARKK). Market Crashes as BTC Declines Ever since bitcoin (BTC) began its descent late last year, crypto stocks have followed suit. Data from Trading View shows that the stocks of most crypto-related companies are down by double digits over the last three months. Their decline has intensified as BTC remains below $90,000 and faces the risk of plummeting under $60,000. At the time of writing, the leading digital asset was changing hands at $76,000, down 17% monthly and 14% weekly. While BTC and the broader market continue to decline, Ark Invest has been on a buying spree. The asset manager has spent millions of dollars on crypto-related stocks in December and January. From the look of things, the company is likely to continue buying crypto stocks for as long as the bearish season lasts. The post Cathie Wood’s Ark Invest Loads Up on Crypto Stocks Amid Market Slump appeared first on CryptoPotato .
