ARK Invest Expands Crypto Portfolio Despite Market Slump
Cathie Wood's
ARK
Invest maintained its assertive acquisition of crypto-focused assets this week, directing close to $39 million toward Bullish,
Circle
, and BitMine stocks as the overall market experienced significant losses. These investments, executed via the
ARK Innovation ETF
(ARKK),
ARK Next Generation Internet ETF
(ARKW), and
ARK Fintech Innovation ETF
(ARKF), highlight the company’s strong belief in the future of crypto, even amid a tough market
as noted by analysts
.
The most substantial daily purchase was in Bullish, with
ARKK
,
ARKF
, and
ARKW
together acquiring 463,598 shares valued at $16.9 million. This came after Bullish’s share price dropped 3.6% on November 19,
ending the day at $36.39
. ARK also increased its stake in BitMine,
buying 260,651 shares for $7.6 million
despite the Ethereum treasury company’s stock falling 9.6% to $29.18. Circle, the stablecoin provider, saw similar moves, with ARK picking up 216,019 shares for $15.1 million
during a 9% drop in its share price
.
These actions are consistent with ARK’s “buy the dip” approach, a strategy the firm has used repeatedly as crypto stocks pull back from their October peaks. The latest buying spree comes as U.S. spot
Bitcoin
ETFs see massive withdrawals, with $3.79 billion in net outflows for November—the largest monthly loss on record
according to industry data
. BlackRock’s IBIT alone was responsible for $2 billion of these outflows, while Bitcoin’s value slid nearly 30% from its high,
sitting at $91,700 as of November 21
.
ARK’s optimism stands in contrast to the prevailing market gloom. The company added another $600,000 to its Bitcoin ETF investments on November 19,
concentrating on the ARK 21Shares Bitcoin ETF (ARKB)
. This came after a turbulent week, with the 12 U.S. spot BTC ETFs
seeing $1 billion in net withdrawals
on November 15—the second-highest single-day outflow since their debut in January 2024.
The firm’s investment choices seem to be based on the underlying strength of its holdings. Bullish
posted a Q3 net profit of $18.5 million
, a sharp turnaround from a $67.3 million loss the previous year, while Circle’s third-quarter revenue jumped 66% to $740 million. BitMine, although its shares remain under pressure, is
scheduled to announce quarterly earnings on November 21
, further supporting ARK’s continued investment.
ARK’s recent moves also point to a broader transformation in the crypto sector. As stablecoins such as
USDC
become more popular in developing economies, Wood has revised her Bitcoin price forecast,
now predicting $1.2 million per Bitcoin by 2030
—down from her previous $1.5 million estimate, but still signaling strong long-term confidence. At the same time, ARK’s latest acquisitions of Coinbase, Robinhood, and Nvidia shares
reflect a more diversified strategy
to benefit from the industry’s evolving landscape.