Investors often look for chances to buy when markets fall, a strategy commonly known as “buy the dip.” Ark Invest, led by technology-focused investor Cathie Wood, appears to be following this approach in the crypto sector. The firm has been steadily increasing its stakes in companies tied to digital assets, even as prices face downward pressure.
In brief
- •Ark Invest continues to increase its crypto exposure by buying more shares in Coinbase, BitMine Immersion Technologies, and Circle.
- •It added 42,000 Coinbase shares worth $10 million and invested nearly $10 million in BitMine and $9 million in Circle.
Ark Broadens Its Crypto Positions
On Thursday, Ark Invest added more shares in key crypto-related companies, including Coinbase, BitMine Immersion Technologies, and Circle. Most of these purchases went through Ark’s Fintech Innovation ETF, which increased its Coinbase holdings by roughly 42,000 shares, valued at about $10 million. This brought the fund’s total Coinbase position to nearly $58 million.
The firm boosted its stake in BitMine Immersion Technologies with a $9.9 million investment and added $9 million to its Circle holdings.
It also expanded its involvement in Bullish by investing around $9.75 million across three ETFs.
Robinhood shares received a $6.7 million addition.
Ark’s activity comes on the heels of earlier moves, including a $30 million increase in Circle holdings last week. The firm also expanded its investment in BitMine Immersion Technologies, even as the company’s share price weakened.
Cumulatively, Ark Invest’s crypto exposure has grown significantly, with total Coinbase holdings across three ETFs surpassing $500 million. The firm has also broadened its portfolio beyond crypto, purchasing $16.8 million in Nvidia shares, reflecting a diversified approach.
Cathie Wood Revises Bitcoin Forecast Amid Market Shifts
This continued focus on digital assets aligns with Cathie Wood’s long-standing bullish outlook on Bitcoin. She had previously forecast that the cryptocurrency could reach around $1.5 million per coin by 2030. Earlier this month, in an interview with CNBC, she lowered that projection, explaining that stablecoins are increasingly taking on functions Bitcoin was expected to serve, a trend particularly visible in developing markets. This adjustment led her to reduce the upper-end estimate by about $300,000, bringing the revised target to roughly $1.2 million per coin.
Achieving this target would require a substantial price increase from current levels. Bitcoin is trading around $85,900, meaning it would need to rise roughly 1,312% to reach $1.2 million. The crypto has seen a modest gain of close to 2% in the past 24 hours, but a long-term climb of over twelve times its present value would be necessary to meet Wood’s projection.