Cathie Wood buys $59M in battered crypto stocks as markets crash

Cathie Wood’s concern firm, ARK Invest, ramped up its vulnerability to crypto-related stocks connected Dec. 15, purchasing astir $59 cardinal worthy of shares arsenic the integer plus assemblage extended a multi-day decline.

According to the firm’s regular trading disclosure, the latest buying spree included astir $16.3 cardinal successful Coinbase (Nasdaq: COIN), $10.8 cardinal successful Circle Internet Group (Nasdaq: CRCL), and astir $5.2 cardinal successful Bullish (Nasdaq: BLSH).

ARK besides snapped up astir $17 cardinal successful Tom Lee's Bitmine Immersion Technologies and astir $9.9 cardinal successful CoreWeave, some of which saw double-digit intraday losses arsenic selling unit intensified crossed the sector.

The determination came astatine a clip erstwhile the crypto stocks were sliding. Bitmine was down much than 11% connected the day, Circle shed astir 10%, CoreWeave slipped adjacent to 8% and Coinbase was disconnected implicit 6%.

Bullish extended a multi-day drop, underscoring waning sentiment for crypto-exposed equities contempt comparatively unchangeable Bitcoin (BTC) prices.

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ARK has agelong employed a contrarian strategy of buying into crisp drawdowns alternatively than chasing strength.

Monday’s enactment continued that pattern, with the steadfast adding to already sizable positions built implicit the people of 2024.

Crypto-related holdings relationship for a important information of ARK’s broader portfolio, totaling much than $1.5 cardinal successful value.

The steadfast presently holds astir $609 cardinal successful Coinbase, astir $323 cardinal successful Circle, astir $275 cardinal successful Bitmine, astir $194 cardinal successful Bullish, and $140 cardinal successful CoreWeave.

ARK Invest past bought over around $3.75 cardinal successful Coinbase stock, $7 cardinal successful Circle shares, and astir $2 cardinal successful its ain Bitcoin fund, the ARK 21Shares Bitcoin ETF (ARKB) connected Nov. 26.

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Last week, ARK besides accrued its vulnerability to the trading level Robinhood (NASDAQ: HOOD), purchasing much than $11 cardinal worthy of shares aft the banal tumbled sharply.

That followed a akin determination connected Oct. 23, erstwhile Wood’s steadfast bought $21.3 cardinal worthy of Robinhood shares.

In summation to adding equity exposure, ARK has continued to turn its involvement successful its ain spot Bitcoin exchange-traded fund, the ARK 21Shares Bitcoin ETF (ARKB), underscoring Wood’s condemnation successful Bitcoin’s semipermanent concern thesis.