Key Takeaways
- Cathie Wood’s Ark Invest expanded its crypto exposure with over $20 million in purchases during the recent market slump.
- Block, Circle and Coinbase have each fallen between 20% and 50% over the past month.
- The firm recently boosted its Ethereum-linked holdings.
Cathie Wood’s Ark Invest ramped up its exposure to crypto-linked equities on Tuesday, scooping up more than $20 million worth of stocks tied to the digital-asset sector despite a sharp downturn across the market.
Ark Invest Purchases
The purchases, disclosed in the firm’s latest trade filing, show Ark adding positions in Block Inc., Circle Internet Group and Coinbase across several of its exchange-traded funds.
Block Inc.
- Purchased: $13.5 million
- ARKK holding: $85.2 million
Circle Internet Group
- Purchased: $7.6 million
- ARKK holding: $179 million
Coinbase
- Purchased: $3.86 million
- ARKK holding: $391 million
Bullish
Robinhood Markets
ARK-21Shares Spot Bitcoin ETF
Crypto Stocks Downturn
The increased crypto exposure extends a weeks-long pattern of Ark Invest’s leaning into weakness across the sector.
Crypto-linked stocks have declined sharply in recent weeks as thin liquidity and broader macroeconomic uncertainty have taken their toll on digital-asset markets.
Block remains down more than 20% for the month, while USDC stablecoin issuer Circle has fallen more than 50% over the past month.
Meanwhile, Coinbase has suffered a 30% monthly decline.
This steep decline is also occurring throughout the broader crypto market.
According to DeFiLlama data, the total market capitalization of stablecoins has decreased by $4.6 billion as of Nov. 1.
Meanwhile, Bitcoin has slipped almost 25% in the last month, currently trading at around $86,800.
“Money is not just failing to come in, it’s actually leaving the crypto market,” 10X Research founder and CEO Markus Thielen told Yahoo Finance.
Bullish On Ethereum
Ark Invest has recently increased its exposure to Ethereum-focused companies, including buying 240,507 shares of ETH treasury Bitmine Immersion.
Led by Tom Lee, the firm’s shares have grown over 250% over the past year despite declining almost 50% in the last month.
Speaking on Wood’s podcast in October, Lee said Bitmine is now approximately the 470th-largest U.S. company by market capitalization.
He projected that Bitmine’s forthcoming staking solution could generate a 2.79% pre-tax yield, which he said would place it among the 800 most profitable companies in the country.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
