Cathie Wood’s ARK adds Coinbase, Circle, Bullish as crypto slides

ARK Invest, the asset management firm led by Cathie Wood, significantly increased its exposure to the digital asset sector during a period of pronounced market volatility and price decline across major cryptocurrencies. This strategic maneuver underscores ARK’s philosophy of ‘buying the dip’ and focusing on long-term disruptive technology infrastructure.

Throughout the recent market correction, ARK continued to aggressively purchase shares of Coinbase Global (COIN) for several of its actively managed exchange-traded funds, including ARKK and ARKW. The firm views Coinbase as a critical gateway to the mainstream adoption of cryptocurrencies.

Beyond Coinbase, ARK expanded its footprint by investing in key private and pre-IPO entities within the crypto ecosystem. Specifically, the firm committed capital to Circle, the issuer of the USDC stablecoin, through its involvement in Circle’s planned merger with Concord Acquisition Corp. This move highlights ARK’s belief in the stability and regulatory potential of the stablecoin market.

Furthermore, ARK took a stake in Bullish, an institutional crypto exchange backed by Block.one, which is preparing to go public via a SPAC merger with Far Peak Acquisition. These calculated investments into Coinbase, Circle, and Bullish signal a deep conviction in the fundamental infrastructure supporting decentralized finance (DeFi) and Web3, irrespective of immediate market turbulence affecting Bitcoin and Ethereum prices.

Source: Cathie Wood’s ARK adds Coinbase, Circle, Bullish as crypto slides