Ark Invest bought $21.5 million of crypto company shares as bitcoin fell under $90,000

Ark Invest bought a total of $21.5 million worth of shares in Coinbase (COIN), Circle Internet (CRCL) and Bullish (BLSH) on Friday, the company's first purchases of the stocks since mid-December.

The Cathie Wood-led investment manager added to its holdings in the three companies in its Innovation (ARKK) and Blockchain and Fintech Innovation (ARKF) exchange-traded funds (ETFs), according to an emailed disclosure.

Ark added 129,446 shares of stablecoin developer Circle, worth $9.2 million based on Friday's closing price of $71.33. CRCL's price was little-changed on Friday, but had fallen nearly 10% throughout the week.

It also bought 42,179 shares of crypto exchange Coinbase and 88,533 shares in Bullish, the owner of CoinDesk, worth $9.15 million and $3.17 million, respectively. The former fell 2.77% on Friday and the latter 2%.

The crypto market reverted to bearishness last week, with bitcoin nearly 6% lower on Friday compared with a week earlier, dropping under the $90,000 mark in the process.

Ark's long-established method is to buy into dips in equity prices, seeking the greater value that multiday drops may offer.