Cathie Wood’s investment firm, ARK Invest, ramped up its exposure to crypto-related stocks on Dec. 15, purchasing around $59 million worth of shares as the digital asset sector extended a multi-day decline.
According to the firm’s daily trading disclosure, the latest buying spree included about $16.3 million in Coinbase (Nasdaq: COIN), $10.8 million in Circle Internet Group (Nasdaq: CRCL), and roughly $5.2 million in Bullish (Nasdaq: BLSH).
ARK also snapped up around $17 million in Tom Lee’s Bitmine Immersion Technologies and approximately $9.9 million in CoreWeave, both of which saw double-digit intraday losses as selling pressure intensified across the sector.
The move came at a time when the crypto stocks were sliding. Bitmine was down more than 11% on the day, Circle shed nearly 10%, CoreWeave slipped close to 8% and Coinbase was off over 6%.
Bullish extended a multi-day drop, underscoring waning sentiment for crypto-exposed equities despite relatively stable Bitcoin (BTC) prices.
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ARK has long employed a contrarian strategy of buying into sharp drawdowns rather than chasing strength.
Monday’s activity continued that pattern, with the firm adding to already sizable positions built over the course of 2024.
Crypto-related holdings account for a significant portion of ARK’s broader portfolio, totaling more than $1.5 billion in value.
The firm currently holds roughly $609 million in Coinbase, about $323 million in Circle, around $275 million in Bitmine, approximately $194 million in Bullish, and $140 million in CoreWeave.
ARK Invest last bought over around $3.75 million in Coinbase stock, $7 million in Circle shares, and nearly $2 million in its own Bitcoin fund, the ARK 21Shares Bitcoin ETF (ARKB) on Nov. 26.
Last week, ARK also increased its exposure to the trading platform Robinhood (NASDAQ: HOOD), purchasing more than $11 million worth of shares after the stock tumbled sharply.
That followed a similar move on Oct. 23, when Wood’s firm bought $21.3 million worth of Robinhood shares.
In addition to adding equity exposure, ARK has continued to grow its stake in its own spot Bitcoin exchange-traded fund, the ARK 21Shares Bitcoin ETF (ARKB), underscoring Wood’s conviction in Bitcoin’s long-term investment thesis.