Cathie Wood's ARK Invest increased its exposure to crypto-related stocks on Wednesday, buying Bullish, Circle Internet Group and BitMine Immersion Technologies across multiple exchange-traded funds (ETFs) as crypto stocks slipped deeper into losses.
According to ARK's each day trading note, the ARK Fintech Innovation ETF (ARKF) purchased 48,011 shares from Bullish, while the ARK Next Generation Internet ETF (ARKW) added 92,670 shares. The ARK Innovation ETF (ARKK) made the largest move of the group, purchasing 322,917 shares of Bullish, for a complete of $16.8 million.
ARK followed with large purchases of Circle, the corporate behind the stablecoin USDC (USDC). ARKF acquired 22,327 shares and ARKW 43,174, while ARKK added 150,518 shares, acquiring around $15 million price of shares within the stablecoin issuer.
ARK also added BitMine shares. ARKF bought 26,923 shares and ARKW added 51,954. ARKK raised the biggest single amount with 181,774 shares, totaling $7.6 million.
Crypto stocks proceed to fall
The purchase got here as crypto-vulnerable stocks generally weakened because the crypto market continues to retreat from October highs.
The bullish price fell 3.63% on the day to $36.39, extending its recent decline before recovering barely in after-hours trading. Circle closed the session down nearly 9% at $69.72. BitMine ended the day down 9.5% at $29.18, but recovered greater than 6% within the after-hours session.
BitMine shares ended the day down 9.5%. Source: Google Finance
Michael Saylor-led Bitcoin finance firm Strategy was hit even harder, falling 9.82% on the day before recouping some losses in after-hours trading.
Notably, ARK has been on a crypto buying spree over the past week amid falling crypto prices. On Monday, the corporate bought $10.2 million price of BitMine shares because the share price fell to a brand new record low.
Nvidia reports stunning profits
As Cointelegraph reported, Nvidia delivered one other blockbuster quarter on Wednesday with revenue of $57 billion and profit of $31.9 billion, each well above Wall Street expectations. The chipmaker also gave strong fourth-quarter revenue forecast of $65 billion, easing weeks of market fears about whether demand for AI would cool.
The positive earnings boosted sentiment for technology and crypto stocks. Nvidia shares rose greater than 5% in after-hours trading, and the momentum spilled over to Big Tech, with Apple, Microsoft, Alphabet, Amazon and Meta all posting after-hours gains.
