Ark Invest has been buying up crypto stocks such as Circle and Bitmine, purchasing over $24 million worth in total.

PANews reported on February 3 that, according to transaction documents, Ark Invest recently bought on the dip in the crypto market, purchasing $9.4 million worth of Circle stock, $6.25 million worth of Bitmine stock, and $6 million worth of Bullish stock. In addition, it slightly increased its holdings in Block Inc. ($1.9 million) and Coinbase ($1.25 million), bringing its total investment to over $24 million.

Crypto stocks are generally down right now. Circle shares closed down 7.9% on Monday, Bitmine and Bullish fell 9% and 4.7% respectively, and Coinbase fell 3.5%. Bitcoin is currently trading at $78,641, down 10.9% over the past week; Ethereum is currently trading at $2,331, down 20% for the week.

Ark Invest CEO Cathie Wood stated on social media that the recent rise in gold prices may signal the start of a new bull market for Bitcoin, noting that since the beginning of 2020, the correlation between Bitcoin and gold prices has been 0.14, and that gold prices have led Bitcoin's significant rallies in the past two cycles.