Cathie Wood's ARK Invest purchased $25.4 million in cryptocurrency-related equities on Wednesday as shares declined alongside major digital assets.
The buying spree represents the St. Petersburg, Florida-based firm's continued strategy of accumulating exposure during market downturns.
The investment management company bought 360,232 shares in Ethereum treasury firm Bitmine Immersion Technologies (BMNR), worth $10.6 million.
ARK added $8.85 million in crypto exchange Bullish (BLSH) and $5.91 million in Coinbase (COIN).
What Happened
Bitmine shares dropped 6.5% to $29.32 on Wednesday.
Bullish declined 1.93% to $42.15, while Coinbase lost 8.6% to $244.19.
The purchases followed a nearly $60 million buying spree on Monday that also coincided with crypto market weakness.
Bitcoin briefly spiked near $90,000 during U.S. morning trading Wednesday before reversing.
The largest cryptocurrency subsequently fell to around $85,300 and traded just above $86,000 at the close.
Wednesday's purchases continue ARK's pattern established over recent weeks of adding crypto exposure during price declines.
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Why It Matters
The strategy demonstrates ARK's conviction in long-term crypto sector growth despite near-term volatility.
ARK holds substantial positions across crypto equities, with approximately $609 million in Coinbase shares alone.
The firm also maintains $323 million in Circle Internet Group and $275 million in Bitmine Immersion Technologies across its exchange-traded funds.
Wood's firm often increases holdings when prices tumble to gain exposure at more attractive valuations.
The buying pattern reflects ARK's approach of using market drawdowns as accumulation opportunities rather than exit points.
Crypto stocks have faced sustained selling pressure alongside broader digital asset market weakness.
The purchases occurred as institutional investors navigate volatility following recent Federal Reserve policy decisions.
ARK's persistent buying during declines contrasts with retail investor behavior that typically reduces exposure amid falling prices.
The firm's willingness to add significant positions during market stress signals confidence that current valuations offer favorable entry points.
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