coindesk.com
ARK Invest added a further $25.4 million of crypto stocks on Wednesday as the shares slid along with the price of major cryptocurrencies.
Cathie Wood's investment management firm bought 360,232 shares in ether ETH$2,837.03 treasury company Bitmine Immersion Technologies (BMNR), worth $10.6 million at the close. BMNR fell over 6.5% to $29.32 on Wednesday.
ARK also added $8.85 million worth of shares of crypto exchange Bullish (BLSH) and $5.91 million worth of Coinbase (COIN). Bullish fell 1.93% to $42.15 and COIN lost 8.6% to $244.19.
While the crypto market saw a brief rally during the U.S. morning, with bitcoin BTC$86,817.46 spiking to nearly $90,000, the gains were short-lived and the largest cryptocurrency subsequently fell to a low around $85,300. It traded at just above $86,000 at the close of the business day, down around 2% in the previous 24 hours.
ARK's purchases follow a buying spree of nearly $60 million on Monday, which also coincided with a market dump. Bitcoin fell about 2%, CoinDesk data show.
The St. Petersburg, Florida-based company often adds to the crypto holdings in its exchange-traded funds (ETFs) when prices take a tumble to add exposure at greater value.
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