Cathie Wood Buys Coinbase, Bitmine and Circle Shares During Crypto Selloff

TLDR

• ARK Invest purchased approximately $60 million in cryptocurrency-related stocks on Monday as the sector faced continued selling pressure
• Major purchases included $16.3 million in Coinbase, $17 million in Bitmine, $10.8 million in Circle, $9.9 million in CoreWeave, and $5.2 million in Bullish
• Crypto stocks saw sharp declines with Bitmine falling 11%, Circle dropping 10%, CoreWeave down 8%, and Coinbase losing 6%
• The buying spree reflects ARK’s established pattern of accumulating shares during price pullbacks
• Bitcoin declined 4% to $85,799 while Ethereum dropped 5.7% to $2,931 during the same trading session

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Cathie Wood’s investment firm ARK Invest made substantial purchases in cryptocurrency stocks on Monday, deploying close to $60 million as major crypto equities continued their downward trend. The buying activity came during a multi-session decline across the digital asset sector.

The investment firm acquired approximately $16.3 million worth of Coinbase shares during Monday’s trading. ARK also purchased around $10.8 million in Circle Internet Group stock and roughly $17 million in Bitmine Immersion Technologies shares.

Coinbase Global, Inc., COIN

Additional purchases included about $9.9 million in CoreWeave stock and approximately $5.2 million in Bullish crypto exchange shares. The transactions occurred through ARK’s three main exchange-traded funds: ARKK, ARKW, and ARKF.

Every stock that ARK purchased on Monday closed the trading day in negative territory. Bitmine shares dropped 11.22% to finish at $30.95. Circle fell 9.60% to close at $75.46.

Coinbase stock declined 6.37% to end the day at $250.42. CoreWeave shares fell nearly 8% during the session. Bullish stock dropped 2.55% as it continued a multi-day losing streak.

Accumulation During Weakness

ARK Invest’s Monday purchases align with the firm’s well-documented investment approach. The company typically buys stocks during periods of weakness rather than chasing momentum when prices rise.

This strategy involves adding exposure to holdings even as prices continue their downward trajectory. Monday’s purchases increased ARK’s already substantial positions in crypto-related companies.

Current ARK holdings show approximately $609 million invested in Coinbase. The firm maintains about $323 million in Circle Internet Group shares. ARK’s Bitmine position totals around $275 million.

The investment firm holds roughly $194 million in Bullish stock. ARK’s CoreWeave position stands at approximately $140 million. These figures demonstrate that Monday’s purchases enhanced already large allocations.

Market Performance Data

The broader digital asset market experienced pressure on Monday alongside crypto stocks. Bitcoin traded down 4.08% to $85,799 as of late Monday. Ethereum declined 5.74% to $2,931 during the same timeframe.

ARK’s own spot Bitcoin ETF fell 4.91% on Monday. The firm also purchased $5.94 million in Block Inc. shares, which declined 1.13%. ARK bought $1.24 million worth of its ARK 21Shares Bitcoin ETF.

The selloff in crypto stocks had been underway for multiple sessions before Monday. Trading activity showed accelerated selling across the sector as the week began.

Cathie Wood recently discussed economic trends during a December webinar. Wood mentioned seeing indicators of deflation connected to emerging technology innovations. She suggested that inflation could see a meaningful shift in the upcoming year.

According to ARK’s trade disclosure filing, all Monday purchases were executed through the firm’s three primary exchange-traded funds. The $60 million deployment represents continued conviction in crypto sector investments despite current market conditions.

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