Cathie Wood’s ARK Invest purchased $43.5 million in crypto-related shares over the last three trading days. The firm targeted Coinbase (COIN) and Circle (CRCL) following significant monthly price declines.
Coinbase shares fell 16.9% over the past month. Circle shares dropped 27.6% during the same period. These movements occurred as Bitcoin reached a near two-year low.
ARK allocated the bulk of the new investments to its flagship ARK Innovation ETF (ARKK). Smaller portions were distributed to the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF).
The purchases included approximately $18.6 million in Coinbase shares. ARK also acquired $12.9 million in Circle shares.