ARK Invest concluded the week by increasing its holdings in several key funds, acquiring new positions in Circle, Bullish, BitMine, Robinhood, and Bitcoin ETFs as the crypto-related equities market experienced a rebound.
The most significant acquisitions were directed towards Bullish, with the ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW) all expanding their stakes. These transactions, reported on Friday, represented an approximate investment of $2 million. This activity followed a notable 5.75% surge in Bullish's stock price on the same day.
ARK also continued to bolster its BitMine holdings, with combined purchases across ARKF, ARKK, and ARKW totaling around $830,000. Despite closing slightly lower for the day, BitMine's stock remained within its recent trading range, hovering near the $26 mark.
Additionally, the firm made smaller investments in Circle and Robinhood. ARK acquired 3,529 shares of Circle, valued at $250,000, as the stablecoin issuer's stock saw an increase of over 6%. The firm also added approximately $200,000 worth of new Robinhood shares to its portfolio.
ARK Boosts Bitcoin ETF Holdings
On Friday, ARK expanded its investment in Bitcoin (BTC) ETFs by nearly $600,000, primarily through new purchases in the ARK 21Shares Bitcoin ETF (ARKB). The ARKF and ARKW funds collectively added over 20,000 shares.
This acquisition occurs at a time when the US spot Bitcoin ETF market is experiencing one of its most significant downturns since its inception. The 12 ETFs in this category collectively recorded nearly $1 billion in net outflows on Friday, marking the second-largest daily withdrawal to date and positioning the group for its weakest weekly performance since February.
Outflows have intensified over the past month, with approximately $4 billion exiting these products as Bitcoin's price has declined by roughly 30% from its recent peaks.
ARK Engages in Significant Crypto Stock Purchases
On Thursday, ARK executed its largest daily acquisition of the week. The firm purchased $10.1 million in Coinbase, $9.9 million in BitMine, $9 million in Circle, and $9.65 million in Bullish. These crypto-related investments were complemented by additional purchases of $16.8 million in Nvidia and $6.8 million in Robinhood.
Prior to these Thursday transactions, ARK had also acquired $16.8 million worth of Bullish shares, approximately $15 million in Circle, and about $7.6 million in BitMine across its ARKF, ARKW, and ARKK ETFs on Wednesday.