Cathie Wood’s ARK Buys $43.5M in Crypto Stocks

ARK Invest purchased about $43.5 million of crypto-related stocks over three trading days through Monday, according to the firm’s filings. Most of the shares were placed in the ARK Innovation ETF (ARKK), with additional allocations to the ARK Next Generation Internet ETF (ARKW) and the ARK Blockchain & Fintech Innovation ETF (ARKF).

ARK data show the firm added roughly 122,544 shares of Coinbase (COIN) valued at about $18.6 million and about 169,777 shares of Circle (CRCL) worth roughly $12.9 million since Thursday. The fund also bought nearly $5.2 million of Bullish (BLSH), about $5.12 million of Robinhood (HOOD) and $1.69 million of SoFi Technologies (SOFI).

The purchases came as several crypto-related stocks declined over the prior month. Circle fell about 27.6%, Coinbase about 16.9% and Bullish about 26.3% in that period. Bitcoin traded near $58,190, a level close to a two-year low, during the same stretch. Momentum behind proposed U.S. legislation known as the CLARITY Act had diminished ahead of the U.S. midterm elections.

Over the three trading days, ARK also increased positions in SpaceX (SPCX) and Palantir Technologies (PLTR). The firm trimmed holdings in Alibaba (BABA), Roku (ROKU), Strata Critical Care (SRTA) and several other names.

ARK Invest manages actively traded ETFs that focus on technology-driven and disruptive companies. The ARK Innovation ETF is the firm’s largest fund. The recent purchases raised ARK’s exposure to firms involved in cryptocurrency trading, tokenization and consumer finance.