Ark Invest Scoops Up Block, Circle, and Crypto Stocks During Market Sell-Off

Source: CoinEdition Original Title: Ark Invest Scoops Up Block, Circle, and Crypto Stocks During Market Sell-Off Original Link: Ark Invest has increased its holdings in crypto-related equities during the recent market downturn, deploying approximately $150 million into the sector over the past week. The firm made additional purchases as Bitcoin fell from its peak.

According to trade filings, Ark Invest acquired $13.5 million in Block Inc. shares, $7.6 million in Circle Internet Group stock, and $3.86 million in shares of a major compliance platform on Tuesday. The purchases occurred across several of the firm’s exchange-traded funds.

ARKK Fund Holds Major Platform as Fourth-Largest Position

The Ark Innovation ETF (ARKK) executed most of the purchases. The major compliance platform now accounts for the fund’s fourth-largest holding, valued at $391 million, representing roughly 5.22% of the portfolio. ARKK also maintains $179 million in Circle stock, accounting for 2.39% of the fund. Block holdings in ARKK total $85.2 million.

Ark Invest added $1.52 million in Bullish stock, $878,794 in Robinhood Markets, and $2.8 million in its own Ark 21Shares spot Bitcoin ETF on Tuesday. The firm has steadily accumulated crypto-related stocks in recent weeks as prices declined from earlier highs.

Between November 14 and 21, Ark purchased between $9 million and $46 million in Circle Internet Group stock, acquiring 542,269 shares. Total Circle holdings across Ark’s funds reached approximately $244 million. The firm also bought between $10 million and $24 million in BitMine Immersion Technologies during the same period, bringing total holdings to $196 million.

Stock Performance Declines Alongside Crypto Market

Block closed up 2.96% on Tuesday at $63.69 but remains down 20.54% over the past month. Circle fell 3.62% to $70.11, which is a 51% decline from its price one month earlier. The major compliance platform dropped 0.72% on Tuesday and has fallen 30% in the past month.

The drop in crypto-related equities coincides with a wider cryptocurrency market decline. Bitcoin currently trades at $86,000, down from its $126,000 all-time high recorded on October 6. The downturn has been attributed to thin liquidity conditions and uncertainty surrounding macroeconomic factors.

The global crypto market cap has also dropped from the $3.4 trillion level to as low as $2.99 trillion as market conditions shifted. Majority of the top altcoins are also down single digits in the past few days.