In an assertive display of confidence amid recent market fluctuations, ARK Invest, led by the renowned Cathie Wood, has strategically expanded its portfolio by acquiring $54 million worth of crypto-linked stocks over the past week. The investment firm made notable purchases in Circle, BitMine, and Bullish as share prices of these companies dipped, reflecting ARK’s consistent belief in the potential of digital assets.
During a two-day buying spree on Wednesday and Thursday, ARK Invest acquired an impressive 542,269 shares of Circle, totaling approximately $46 million. This marked the firm’s first purchases of Circle shares since selling 1.7 million of them back in June at an average price of $200 per share, generating around $352 million in cash flow during that time.
Circle’s stock closed down 4.6% at $82.34 on Thursday, a significant drop of over 70% from its peak of nearly $299 earlier this summer. The company recently reported robust third-quarter results, revealing revenue of $740 million, reflecting a 66% year-over-year increase, alongside a remarkable net income surge of 202% to $214 million. The circulation of USDC, Circle’s stablecoin, rose to an impressive $73.7 billion, marking a 108% increase compared to the previous year.
ARK’s move further solidifies its focus on cryptocurrency, as the firm also invested in BitMine, purchasing 169,407 shares worth approximately $5.83 million. BitMine’s stock had also faced a nearly 6% decline. The flagship Innovation ETF acquired 116,681 shares, while the Next Generation Internet ETF and Fintech Innovation ETF added 34,637 and 18,089 shares, respectively. On the same day, ARK invested in Bullish as well, buying 75,515 shares valued at around $2.91 million.
After these acquisitions, BitMine closed at $34.40 per share, while Bullish ended at $38.48. Interestingly, both stocks saw a slight recovery in after-hours trading. Moreover, just a day before, ARK had purchased another 242,347 BitMine shares for approximately $8.9 million.
BitMine has also welcomed a new leadership change, appointing Chi Tsang as its new CEO, succeeding Jonathan Bates. The company recently announced the addition of three new independent board members and has shifted its business strategy from crypto mining to holding digital assets, which draws parallels to Michael Saylor’s Bitcoin-centric approach at MicroStrategy. With over 3.5 million ETH in its treasury—valued at more than $11 billion—BitMine now stands as the largest public company holder of Ethereum.
Following these latest transactions, ARK Invest’s consolidated holdings in Circle now amount to approximately 3.1 million shares, valued at about $256 million at the current market price. These moves signal ARK’s aggressive posture in the increasingly competitive digital asset space, as it continues to capitalize on market opportunities amid broader trends of volatility.
