Cathie Wood’s ARK Invest Scoops Up Circle, BitMine and Bullish Stocks During Market Dip

TLDR

• ARK Invest purchased $46 million in Circle shares over two days, marking its first Circle buys since selling 1.7 million shares in June at $200 per share
• The firm bought $5.83 million in BitMine shares and $2.91 million in Bullish shares on Friday as both stocks dropped nearly 6%
• Circle reported Q3 revenue of $740 million, up 66% year-over-year, with net income rising 202% to $214 million
• BitMine appointed Chi Tsang as new CEO and holds over 3.5 million ETH worth more than $11 billion in its treasury
• ARK’s purchases came as Circle stock traded near $82, down over 70% from its June high of nearly $299

ARK Invest added $54 million worth of crypto-linked stocks to its portfolio this week. The buying spree targeted three companies as their share prices declined.

The investment firm led by Cathie Wood purchased 542,269 Circle shares across three exchange-traded funds. The purchases totaled approximately $46 million over Wednesday and Thursday.

ARK’s flagship Innovation ETF bought 130,595 Circle shares. The Next Generation Internet ETF added 38,313 shares while the Fintech Innovation ETF acquired 20,033 shares.

Circle Internet Group, CRCL

Circle closed down 4.6% at $82.34 on Thursday. The stock has fallen more than 70% from its peak of nearly $299 in June.

These purchases mark ARK’s first Circle buys since June. The firm sold around 1.7 million shares at an average price of $200 during that time, generating roughly $352 million.

Circle reported strong third-quarter results this week. Revenue reached $740 million, a 66% increase from the previous year.

Net income jumped 202% to $214 million. USDC circulation ended the quarter at $73.7 billion, up 108% year-over-year.

ARK Expands Crypto Holdings

On Friday, ARK continued its crypto stock purchases. The firm bought 169,407 BitMine shares worth approximately $5.83 million across its three ETFs.

Bitmine Immersion Technologies, Inc., BMNR

The Innovation ETF acquired 116,681 shares. The Next Generation Internet ETF purchased 34,637 shares while the Fintech Innovation ETF added 18,089 shares.

ARK also bought 75,515 Bullish shares valued at about $2.91 million. The purchases came as both stocks fell nearly 6% on Friday.

BitMine closed at $34.40 while Bullish ended the day at $38.48. Both stocks recovered slightly in after-hours trading.

On Thursday, ARK had purchased 242,347 BitMine shares for about $8.9 million. The stock traded below $37 at that time.

BitMine Leadership Changes

BitMine announced a leadership transition this week. Chi Tsang replaced Jonathan Bates as chief executive officer.

The company also appointed three new independent board members. BitMine now holds more than 3.5 million ETH in its treasury.

The Ethereum holdings are valued at over $11 billion. This makes BitMine the largest public company holder of ETH.

BitMine shifted its business model from crypto mining to holding digital assets. The strategy draws comparisons to Michael Saylor’s Bitcoin-focused approach at MicroStrategy.

ARK’s combined Circle holdings now total about 3.1 million shares. At current prices, the position is worth approximately $256 million.

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