ARK Invest has increased its exposure to crypto-related stocks, purchasing more BitMine Immersion Technologies and Bullish stocks in several of its exchange-traded funds as markets continued to say no.
According to ARK's every day trading announcements on Friday, the ARK Fintech Innovation ETF (ARKF) purchased 18,089 shares of BitMine, the ARK Next Generation Internet ETF (ARKW) purchased 34,637 BitMine shares, while the ARK Innovation ETF (ARKK) added 116,681 – bringing the overall purchases for the day to 169,407 shares value about $5.83 million increased.
Separately, ARKF purchased 8,063 bullish shares, ARKW added 15,441 shares, and ARKK acquired 52,011 shares. This brings ARK's total bullish buying on the day to 75,515 shares value roughly $2.91 million.
The fresh rise got here on a day when each stocks faced heavy selling. Bullish closed down 6.19% at $38.48, while BitMine fell almost 6% to $34.40. Both recorded slight recoveries in after-hours trading.
BitMine shares fell nearly 6% on Friday. Source: Google Finance
ARK on a crypto buying spree
ARK's recent acquisitions come at a time when the corporate is on a crypto buying spree. The company raised 542,269 Circle shares (CRCL) in two days last week, spending about $46 million.
The purchases of $30.4 million on Wednesday and $15.5 million on Thursday got here as CRCL continued its decline, closing at $86 after which $82.30. These are ARK's first Circle purchases since June, when the corporate sold about 1.7 million shares at a median price of $200, raising $352 million.
In addition to Circle, ARK has also expanded its position at BitMine. On Thursday, ARK acquired 242,347 BitMine shares for about $8.9 million because the stock fell below $37.
BitMine is shaking up the lead as its Ether holdings surpass $11 billion
As Cointelegraph reported, BitMine has replaced its CEO as the corporate solidifies its position as the most important publicly traded company holding Ether. The company announced that Chi Tsang will succeed Jonathan Bates. The company also appointed three latest independent board members.
The move comes as there at the moment are greater than 3.5 million Ether (ETH), value over $11 billion, in BitMine's treasury. Originally a crypto mining company, BitMine has turn out to be a significant institutional holder of Ethereum, drawing comparisons to Michael Saylor's Bitcoin-focused strategy.
