Cathie Wood’s ARK Invest is buying the dip. The asset manager snapped up $43.5 million worth of crypto-related stock over the past three trading days, betting that the current sell-off is overdone.
The biggest purchases? Coinbase and Circle. ARK bought 122,544 COIN shares worth about $18.6 million and 169,777 CRCL shares worth roughly $12.9 million since Thursday. Both stocks have taken a beating. Coinbase is down 17% over the past month. Circle has dropped 27.6%.
ARK also picked up nearly $5.2 million in crypto exchange Bullish, $5.12 million in Robinhood, and $1.69 million in SoFi Technologies on Monday. Most of these positions went into the flagship ARK Innovation ETF (ARKK), with the rest spread across ARKW and ARKF.
The buys come amid a rough stretch for crypto equities. Bitcoin itself slipped to near a two-year low around $58,190. Confidence that the CLARITY Act will pass before November’s midterms has faded. Bullish shares fell 26.3% over the past month alongside the broader pullback.
ARK did not just add crypto names. The firm also increased positions in SpaceX and Palantir. Meanwhile, it trimmed holdings in Alibaba, Roku, and several others.
The message is consistent with Wood’s long-standing playbook. When conviction names drop, ARK loads up. Whether this dip turns into a rebound or a deeper slide remains the open question.
