ARK Invest Increases Crypto Investments with Strategic Acquisitions

By: Eva Baxter

In a strategic move to boost its cryptocurrency portfolio, ARK Invest recently made significant acquisitions of various crypto-related stocks, showcasing a robust commitment to this burgeoning sector. This move coincides with a general recovery of crypto equities, offering a promising outlook for investors. As part of this acquisition spree, ARK Invest focused on expanding its holdings in Bitcoin ETFs, Bullish, BitMine, Circle, and Robinhood.

Notably, ARK Invest's flagship funds, including ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW), collectively added around $2 million worth of Bullish shares. This purchase followed a daily surge of 5.75% in Bullish's stock price, indicating favorable market conditions for such an investment.

Moreover, ARK continued to increase its stake in BitMine, acquiring shares worth approximately $830,000 across its diverse funds. Despite a slight decline in BitMine’s share price on the acquisition day, the stock maintained stability within its current trading range of about $26. By investing in these crypto equities, ARK Invest reaffirms its belief in the potential of blockchain and digital currencies.

Alongside Bitcoin ETFs and mining companies, ARK's addition of Circle to its portfolio further underlines the firm's commitment to fintech innovation. This strategic focus positions the investment firm to capitalize on the evolving narratives and developments within the crypto sector, ensuring that its funds are well-positioned to harness future growth. [You can learn more about Circle here]