Markets
What to know:
- Cathie Wood’s ARK Invest, with the keen eye of a hawk, swooped in to acquire nearly $60 million in crypto equities, including significant stakes in Coinbase, Bullish, and Circle. Because who doesn’t love a good sale? 💸
- ARK’s strategy is akin to a strategic game of chess, buying during market drawdowns, much like a seasoned player sacrificing pawns for the greater good-evidenced by their recent purchases amid a multi-day slide in crypto stocks.
- Crypto stocks have been on a slippery slope, with Bitmine, Circle, CoreWeave, Coinbase, and Bullish all experiencing notable drops. It’s like watching a bunch of clowns slip on banana peels. 🍌🤡
Cathie Wood’s ARK Invest embarked on a bargain-hunting escapade on Monday, as some of the biggest listed names in the crypto circus, including Coinbase (COIN), Bullish (BLSH), and Circle (CRCL), continued their multi-day descent into the abyss.
According to the highly confidential email disclosure (which I’m sure is totally not leaked), ARK’s audacious $59 million crypto stock spree included approximately $16.3 million of Coinbase, roughly $5.2 million of Bullish, and around $10.8 million of Circle Internet Group, followed closely by about $17 million of Bitmine Immersion Technologies and roughly $9.9 million of CoreWeave. Ah, the sweet taste of opportunity! 😏
Crypto stocks had already been sliding down the proverbial hill before this latest selloff, with Bitmine tumbling more than 11% on the day (because why not?), Circle plummeting nearly 10%, CoreWeave dropping close to 8%, Coinbase slipping over 6%, and Bullish extending its dramatic multi-day decline, as if everyone decided to jump off a cliff together.
ARK, ever the contrarian, has a long and storied history of buying into drawdowns rather than chasing strength, delighting in the chaos of multi-day selloffs in crypto stocks to bolster their positions, even as prices continue to take a nosedive. It’s like diving into a pool knowing it’s empty, but hey-what’s life without a little thrill? 🤷♂️
Crypto plays a significant role in ARK’s treasure chest, boasting roughly $609M in Coinbase, about $323M in Circle Internet Group, around $275M in Bitmine Immersion Technologies, approximately $194M in Bullish, and about $140M in CoreWeave. This underscores that the firm’s recent dip buying is merely icing on an already opulent cake. 🎂
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2025-12-16 08:39