A Strategic Buying Spree

Cathie Wood’s ARK Invest reinforced its position in the digital asset sector by purchasing over $39 million worth of shares in Bullish, Circle, and BitMine Immersion Technologies. The acquisitions occurred as the broader crypto-related stock market experienced a notable decline, signaling the firm’s conviction in the face of market weakness.

The investments were distributed across several of ARK’s exchange-traded funds (ETFs). The firm allocated approximately $16.8 million to purchase shares in the crypto exchange Bullish. Its flagship ARK Innovation ETF (ARKK) led the acquisition, supplemented by buys from the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF).

ARK also made a significant investment in Circle Internet Group, the issuer of the USDC stablecoin, acquiring shares worth around $15 million across the same three funds. The buying spree was rounded out with a $7.6 million purchase of BitMine shares, again spread across ARKK, ARKW, and ARKF.

Crypto-Exposed Stocks Face Headwinds

These purchases came at a time when crypto-exposed equities were under pressure, continuing a retreat from their October highs. On the day of the trades, Bullish saw its stock fall by 3.63% to $36.39, while Circle closed the session down nearly 9% at $69.72. BitMine experienced an even steeper decline, finishing the day 9.5% lower at $29.18, though it recovered some ground in after-hours trading.

Other major players in the space were also affected, with the Michael Saylor-led firm MicroStrategy dropping 9.82% during the session. This market-wide slide follows a pattern of recent activity for ARK, which has been consistently buying crypto-related assets amid tumbling prices, including a $10.2 million purchase of BitMine shares earlier in the week as the stock hit a new record low.

Nvidia Earnings Boost Tech Sector

In related market news, chip manufacturer Nvidia posted an exceptionally strong quarter, reporting $57 billion in revenue and $31.9 billion in profit, surpassing Wall Street expectations. The company also issued a robust revenue forecast for the fourth quarter, easing concerns about a potential slowdown in demand for artificial intelligence hardware.

The positive results from Nvidia sent a wave of optimism through the tech industry. Nvidia’s shares jumped over 5% in after-hours trading, and the momentum carried over to other major tech companies, including Apple, Microsoft, and Alphabet, which all saw post-market gains.