ARK Invest Continues to Buy More Crypto-Related Stocks Despite Market Downturn

Led by Cathie Wood, ARK Invest capitalized on the downturn in the cryptocurrency market on February 2nd by significantly increasing its holdings in related stocks. According to trade disclosures, the firm purchased $9.6 million in Circle, $6.4 million in Bitmain, $6.2 million in Bullish, and $1.3 million in Coinbase. On the day of the transaction, Circle's stock fell by 7.9% to close at $58.86, Bitmain dropped by 9%, and Bullish by 4.7%. ARK Invest is known for its strategy of aggressively buying during price dips, and this instance was no exception, viewing the market correction as an opportune moment. The company had also expanded its investments in cryptocurrency-related stocks last month, focusing on long-term growth potential.