Ark Invest Buys Circle, Bullish and BitMine as Crypto Stocks Collapse

BLSH +6.36% CRCL +7.42% ARKW +1.02% ARKK +2.86% BMNR -0.12%

Popular asset management firm Ark Invest has invested approximately $39 million in the acquisition of shares in Bullish, Circle Internet Group, and BitMine Immersion Technologies.

The purchases were made across the company’s Exchange Traded Funds (ETFs). With the gloomy condition of the crypto market and drop in stock prices, such a move marks a strong conviction for the long-term potential.

Breakdown of Ark Invest Shares Acquisition

Ark Invest’s daily trade disclosure from November 19 shows that the company acquired crypto-related stocks from Bullish (BLSH), Circle (CRCL), and BitMine (BMNR) across its ETFs.

The ARK Fintech Innovation ETF (ARKF) secured 48,011 shares of Bullish, 22,327 shares of Circle, and 26,923 shares of BitMine.

Also, the ARK Next Generation Internet ETF (ARKW) bought 92,670 shares of Bullish, 43,174 shares of Circle, and 51,954 BMNR. Of the group, the ARK Innovation ETF (ARKK) made the largest move on Bullish, buying up to 322,917 shares, 150,518 CRCL shares, and the single largest amount of BitMine at 181,774 shares.

Altogether, this brought the total number of Bullish shares bought to $16.8 million, Circle shares to around $15 million, and BitMine shares to $7.6 million.

The Cathie Wood-led Ark Invest spent approximately $39 million on all these acquisitions.

It has become common knowledge that the company makes such purchase moves as part of its routine portfolio rebalancing.

More interestingly, the company took this step while the prices of crypto stocks are declining.

Shares React to Crypto Market Downtrend

BMNR is currently down by 9.52% and trading at $29.18, BLSH has seen a 3.63% dip and is trading at $36.39, while CRCL closed the session at $69.72 after losing 8.98%, per Yahoo Finance data.

Strategy’s share MSTR was not left out of the drawdown, as it recorded about 9.82% on the same day. The business intelligence and software firm still reported the purchase of 8,178 BTC on November 17.

This reflects its strong commitment to Bitcoin even in the midst of a price plunge and US BTC ETF net outflows.

Read original story Ark Invest Buys Circle, Bullish and BitMine as Crypto Stocks Collapse by Godfrey Benjamin at Coinspeaker.com