ARK Invest loads up on crypto stocks during bitcoin selloff, spending over $70M

Cathie Wood’s ARK Invest continued its strategy of buying the dip on Monday, adding roughly $72 million in crypto-related stocks as bitcoin briefly fell below $75,000, dragging down equities tied to digital assets.

The purchases were spread across ARKF, ARKK, and ARKW, with ARK increasing positions in exchanges, brokerages, and crypto infrastructure companies, including Robinhood, Circle Internet, Coinbase, Bullish, CoreWeave, Bitmine Immersion Technologies, and Block. (Bullish is the parent company of CoinDesk.)

Across its funds, ARK acquired approximately $32.7 million of Robinhood (HOOD), $14.6 million of CoreWeave (CRWV), $9.4 million of Circle (CRCL), $6.3 million of Bitmine (BMNR), $6.0 million of Bullish (BLSH), $1.9 million of Block (XYZ), and $1.3 million of Coinbase (COIN).

The move reflects ARK’s long-standing approach of buying into weakness tied to crypto volatility, betting that cyclical market downturns eventually give way to renewed adoption and higher transaction activity. It follows a similar strategy in late January, when the firm spent $21.5 million on Coinbase, Circle, and Bullish shares as bitcoin fell below $90,000.

The purchases also reinforce CEO Cathie Wood’s view that bitcoin can serve as a portfolio diversifier. ARK research indicates that bitcoin’s correlations with stocks, bonds, and gold have historically been lower than the correlations among those traditional assets, positioning crypto as a potential complement to conventional investment portfolios.