What to know : ARK Invest added another $25.4 million of crypto stocks on Wednesday, according to an emailed disclosure. ARK bought shares in Bitmine Immersion, Bullish and Coinbase as all three companies' stock prices dropped. The purchases follow a nearly $60 million purchase on Monday, which also coincided with a market dump.
ARK Invest added a further $25.4 million of crypto stocks on Wednesday as the shares slid along with the price of major cryptocurrencies.
Cathie Wood's investment management firm bought 360,232 shares in ether treasury company Bitmine Immersion Technologies (BMNR), worth $10.6 million at the close. BMNR fell over 6.5% to $29.32 on Wednesday.
ARK also added $8.85 million worth of shares of crypto exchange Bullish (BLSH) and $5.91 million worth of Coinbase (COIN). Bullish fell 1.93% to $42.15 and COIN lost 8.6% to $244.19.
While the crypto market saw a brief rally during the U.S. morning, with bitcoin spiking to nearly $90,000, the gains were short-lived and the largest cryptocurrency subsequently fell to a low around $85,300. It traded at just above $86,000 at the close of the business day, down around 2% in the previous 24 hours.
ARK's purchases follow a buying spree of nearly $60 million on Monday, which also coincided with a market dump. Bitcoin fell about 2%, CoinDesk data show.
The St. Petersburg, Florida-based company often adds to the crypto holdings in its exchange-traded funds (ETFs) when prices take a tumble to add exposure at greater value.
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