ARK Invest closed the week with a brand new round of accumulation in several of its flagship funds, constructing positions in Circle, Bullish, BitMine, Robinhood and Bitcoin ETFs as crypto-related stocks rallied.
Most of the buying was bullish, with ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW) increasing their exposure, in response to trading reports on Friday. Combined, these purchases amounted to about $2 million after Bullish posted a 5.75% gain on the day.
ARK also continued to construct BitMine, with purchases from ARKF, ARKK, and ARKW totaling roughly $830,000. BitMine closed barely lower on the day but remained inside its recent trading range near $26.
Additionally, the corporate added small amounts of Circle and Robinhood. It acquired 3,529 Circle shares value $250,000 as shares of the stablecoin issuer rose greater than 6%. ARK also added roughly $200,000 in latest Robinhood shares.
Bullish stocks are up nearly 6% on Friday. Source: Google Finance
ARK increases holdings in Bitcoin ETFs
On Friday, ARK increased its Bitcoin (BTC) ETF exposure by nearly $600,000, led by latest purchases of the ARK 21Shares Bitcoin ETF (ARKB). The ARKF and ARKW funds have combined so as to add greater than 20,000 stocks.
The purchase comes because the US spot Bitcoin ETF market faces one in all its sharpest downturns since its inception. The 12 funds collectively recorded a net outflow of nearly $1 billion on Thursday, marking the second-largest day by day outflow thus far and setting the group up for its weakest week since February.
Outflows have accelerated during the last month, with around $4 billion flowing out of products as Bitcoin's price fell around 30% from recent highs.
ARK on a crypto buying spree
On Thursday, ARK made its largest day by day acquisition of the week. The company acquired $10.1 million in Coinbase, $9.9 million in BitMine, $9 million in Circle, and $9.65 million in Bullish, in addition to additional purchases of $16.8 million in Nvidia and $6.8 million in Robinhood.
Previously, the corporate also purchased $16.8 million value of Bullish shares on Wednesday through its ARKF, ARKW and ARKK ETFs, about $15 million from Circle and about $7.6 million from BitMine.
