Ark Invest Seizes June Crypto Bloodbath to Accumulate Over $75 Million in Equities

Ark Invest is well known for its “buy the dip” approach, often adding to cryptocurrency-related stocks when prices weaken, and June followed that same pattern.

Bitcoin, the largest cryptocurrency, recorded its worst monthly performance in four years, dragging down digital asset equities, which Ark viewed as a buying opportunity.

The St. Petersburg, Florida-based investment firm acquired approximately $44 million worth of Coinbase (COIN) shares based on closing prices at the time of purchase. It also bought $25.25 million of Circle Internet (CRCL), issuer of the USDC stablecoin, and $8.2 million of Bullish (BLSH), the crypto exchange and parent company of CoinDesk, according to regulatory disclosures.

Circle shares dropped around 40% in June, ending the month at $62.63. The decline included an 18% fall on June 30 after the launch of competing stablecoin Open USD, backed by more than 140 companies including Coinbase, Stripe, Visa, Mastercard, and BlackRock.

Coinbase (COIN) finished June down nearly 20% at $146.19, while Bullish (BLSH) slipped 27% to $23.43.