ARK Invest buys US$43.5M in crypto stocks

• ARK Invest purchased US$43.5 million of crypto-related stocks over three trading days, led by Coinbase and Circle.
• The buying came as several crypto stocks declined sharply alongside weakness in Bitcoin and broader digital asset markets.
• The asset manager increased exposure across its flagship funds while reducing positions in several non-crypto companies.

ARK Invest purchased about US$43.5 million of crypto-related stocks over the past three trading days, led by additional investments in Coinbase Global and Circle Internet Group as the sector traded lower.

The asset manager bought 122,544 Coinbase shares worth about US$18.6 million and 169,777 Circle shares valued at roughly US$12.9 million, after both companies' shares fell 16.9% and 27.6%, respectively, over the past month.

ARK Invest did not comment on the purchases, but the transactions were disclosed through the firm's daily trading reports.

The firm also acquired about US$5.2 million of Bullish, US$5.12 million of Robinhood Markets and US$1.69 million of SoFi Technologies, with most purchases allocated to the ARK Innovation ETF and ARK Next Generation Internet ETF, while the ARK Blockchain & Fintech Innovation ETF also increased its crypto-related holdings.

Following the purchases, there was no immediate market reaction attributable to ARK's trades, although the investments coincided with a broader decline in crypto-related equities and Bitcoin (CRYPTO:BTC).

During the same period, Bitcoin fell to about US$58,190, while investor confidence weakened over the prospects of the CLARITY Act passing before the US midterm elections, contributing to pressure across cryptocurrency markets.

ARK also increased its holdings in SpaceX and Palantir Technologies while reducing positions in Alibaba Group, Roku, Strata Critical Medical and several other companies.

At the time of reporting, Bitcoin price was $59,505.49.