ARK Invest goes on $19 million buying spree as crypto stocks nurse losses

Ark Invest bargain hunted for a second straight day Tuesday, snapping up shares in cryptocurrency companies worth $19 million.

The St. Petersburg, Florida-based investment manager bought $2.41 million worth of shares in Circle (CRCL) and added $3.46 million and $631,000 of Bullish (BLSH) and Coinbase (COIN) shares respectively, according to an emailed disclosure. Bullish is the parent company of CoinDesk.

$ARK also bought $7.81 million worth of crypto-friendly investment platform Robinhood (HOOD), $3.25 million of Ethereum treasury company Bitmine Immersion Technologies (BMNR) and $1.8 million of Jack Dorsey's fintech firm Block (XYZ).

$ARK holds these equities in its ARKK, ARKW and ARKF exchange-traded funds (ETFs).

All the aforementioned companies's share prices have suffered in recent days amid the selloff in the crypto market which saw bitcoin BTC$76,020.66 fall as low as $73,100 on Tuesday, its lowest point since late 2024.

CRCL and COIN both dropped around 4.5% on Tuesday, while BLSH fell just under 4%.

$ARK frequently buys into weaknesses in the crypto market to capitalize on the possibility of capturing greater value from equities. Tuesday's activity followed larger buys the day before, in which $ARK added $32.7 million worth of HOOD, $9.4 million of CRCL ad $6 million of BLSH.