Ark Invest Doubles Down on Crypto: Buys Shares in Circle, Bullish, and BitMine Amid Market Correction

Investment firm Ark Invest, led by renowned investor Cathie Wood, continues to aggressively invest in crypto assets despite the recent market downturn. According to The Block, the fund has purchased shares in three key players in the crypto industry - Circle, Bullish, and BitMine - totaling over $80 million in the last two days. These moves are interpreted as a "buy the dip" strategy, reflecting Wood's confidence in the sector's long-term potential.

Investment Details

According to Ark Invest's official reports, purchases began on November 19:

• Circle Internet Group (CRCL): Acquired 216,019 shares for $17.7 million. The company, known as the issuer of the USDC stablecoin, showed impressive growth - net profit in the third quarter reached $214 million, up 202% from the previous year. Despite this, shares fell 8.98% to $69.72.
• Bullish (BLSH): Invested $16.9 million in 463,598 shares. The crypto exchange, backed by Peter Thiel (co-founder of PayPal), turned profitable - $18.5 million versus a loss of $67.3 million last year. Shares dropped 3.63% to $36.39.
• BitMine Immersion Technologies (BMNR): Bought 260,651 shares for $7.6 million. The company, which manages an Ethereum (ETH) treasury under the leadership of analyst Tom Lee from Fundstrat, plans to release its quarterly report today, November 21. Shares fell 9.6% to $29.18.

The next day, November 20, Ark Invest continued its purchases, investing another approximately $40 million, including additional shares in BitMine ($9.9 million), Circle ($9 million), and Bullish ($9.65 million). The total investment in crypto stocks for the week exceeded $78 million, with a focus on the ARKK, ARKW, and ARKF ETFs.

Market Context

These investments are taking place amid a crypto market correction: Bitcoin (BTC) lost about 10% in the last 24 hours, dropping below $90,000, while the overall market capitalization decreased by 10%. Ethereum (ETH) has also suffered, directly impacting companies like BitMine. Analysts attribute this to volatility following a recent rally, when BTC exceeded $92,000.

Cathie Wood, known for her bold bets on innovations, is not acting this way for the first time. Previously, Ark Invest invested in Coinbase and Grayscale Bitcoin Trust during similar dips.

"We see fundamental growth in these companies despite short-term volatility," comment experts from The Block.

Community Reaction

On the X platform, the news sparked lively discussion. Traders call Wood's strategy "buying the blood," while influencers like @TomLeeTracker emphasize optimistic forecasts for BTC reaching $100,000+. Some users joke that Ark is "digging endless bottoms," but overall, there's positivity about crypto's long-term prospects.

About the Companies

• Circle: Leader in stablecoins, focusing on regulation and integration with traditional finance. USDC is used in DeFi and payments.
• Bullish: Exchange for institutional investors with its own token, supported by venture giants.
• BitMine: Specializes in ETH treasury, sensitive to Ethereum prices, led by Tom Lee, known for bullish forecasts.

Experts believe that such moves by Ark Invest could signal market recovery, but advise investors to be cautious due to high volatility.