ARK steps in as crypto stocks extend multiday sell-off

Cathie Wood’s ARK Invest went bargain hunting on Monday, as some of the biggest listed names in the crypto sector, including Coinbase (COIN), Bullish (BLSH), and Circle (CRCL), extended a multi-day slide.

According to the email disclosure, ARK’s roughly $59 million in crypto stock purchases included about $16.3 million of Coinbase, roughly $5.2 million of Bullish, and around $10.8 million of Circle Internet Group, followed by about $17 million of Bitmine Immersion Technologies and roughly $9.9 million of CoreWeave.

Crypto stocks had already been sliding for several sessions before the latest selloff, with Bitmine down more than 11% on the day, Circle falling nearly 10%, CoreWeave dropping close to 8%, Coinbase sliding over 6% and Bullish extending a multi-day decline as selling accelerated across the sector.

ARK has a long track record of buying into drawdowns rather than chasing strength, using multi-day selloffs in crypto stocks to add exposure even as prices continue to fall.

Crypto plays a large part of ARK’s holdings, with roughly $609M in Coinbase, about $323M in Circle Internet Group, around $275M in Bitmine Immersion Technologies, approximately $194M in Bullish, and about $140M in CoreWeave, underscoring that the firm’s recent dip buying added to already sizable positions.