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ARKs Cathie Wood Is Betting on a Crypto Stock Rebound. Heres What She Bought.
Crypto stocks are on a terrible run butARK Invests Cathie Wood is intent on buying the dip.
Woods ARK funds loaded up on almost $50 million worth of shares in crypto-exposed companies, including crypto exchangeCoinbase
, Ethereum treasury companyBitmine Immersion Technologies , stablecoin issuerCircle Internet Group , and CoinDesk ownerBullish, according to a trade notification Monday.
While it isnt clear exactly when the trades were made, the sectors brutal recent selloff continued on Monday as the price ofBitcoin
slipped toaround $86,000more than 30% off its record high reached in early October.Coinbase stock fell more than 6%, while Circle tumbled 9.6%, Bitmine plunged 11% and Bullish slipped 2.6%. Trading platform Robinhood, which ARK Investsbought more ofin a Friday notification was 3.6% down. All five stocks pointed lower again ahead of the open Tuesday.
Based on Mondays closing price, ARKs fund bought $17 million of Bitmine shares, $16.2 million of Coinbase, $10.8 million of Circle, and $5.2 million of Bullish.
The quartet of stocks are all down between 20% and 43% since the beginning of October in what has been a miserable final quarter of the year for digital assets.
Separately, ARK Invest purchased $9.9 million worth of CoreWeave stock, which tumbled 8% Monday. The former crypto-mining company has since pivoted to data centers.
Its clear Wood is betting on a roaring cryptocurrency rebound into the year-end and through 2026.
