Cathie Wood's ARK Investment Company increased its bullish investment in cryptocurrency exchanges on Monday, purchasing $10.2 million worth of shares as the stock price hit a new low amid severe declines in publicly traded cryptocurrency companies.
According to ARK's daily trading disclosure, the ARK Innovation ETF (ARKK) added 191,195 shares of bullish stock, while ARKW purchased 56,660 shares. The ARKF fund also increased its holdings by 29,208 shares.
This move comes as Bullish (BLSH) fell 4.5% to $36.75 on Monday, continuing a downward trend that has seen its stock price drop nearly 46% over the past six months.
The purchase also coincides with the day before Bullish's third-quarter earnings report, which is expected to be released on Wednesday. The exchange, backed by Peter Thiel, reported $57 million in adjusted revenue for the second quarter, down from $67 million in the same period last year, but net income was $108.3 million, compared to a loss of $116.4 million a year earlier.
Cryptocurrency-related stocks have experienced significant pullbacks in the recent market crash, with mining giants and infrastructure companies particularly hard hit. Marathon Digital (MARA) fell 4% on Monday, struggling to regain momentum after a week of continuous declines. Riot Platforms (RIOT) and CleanSpark (CLSK) also closed lower.
Bitcoin financial company Strategy, led by Michael Saylor, dropped 2% yesterday, having fallen over 18% in the past five trading days.
Stablecoin issuer Circle (CRCL), which went public earlier this year, also fell more than 6% on the same day. The company has dropped over 26% in the past five trading days.
The largest cryptocurrency exchange in the U.S., Coinbase, was not spared either. COIN closed down 7% at $263.95, reflecting a broad sell-off of risk assets.
According to BitMine Chairman Tom Lee and Bitwise Chief Investment Officer Matt Hougan, Bitcoin is expected to approach market bottom this week.
Lee pointed out that the aftermath of the October 10 liquidation wave and uncertainty over whether the Federal Reserve will cut interest rates in December are the main causes of the current market turmoil. He noted that several technical signals indicate that selling pressure has begun to wane, citing insights from Demar Analytics analyst Tom Demar.
Hougan expressed a similar view, stating that the current price range presents a "once-in-a-generation opportunity" for long-term investors. He attributed the current pullback to ETF fund outflows, large holder sell-offs, geopolitical tensions, AI valuation anxiety, and unease surrounding Trump's tariff policies.
Related: Digital Chamber launches State Network initiative to guide cryptocurrency policy in U.S. states
Original: “ARK Invest Buys $10M Shares as Bullish Hits Historic Low Amid Crypto Stock Sell-off”
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