Cathie Wood's Ark Invest Doubles Down on BitMine, Coinbase Stocks Amid Bitcoin Plunge
Ark Invest increased its holdings in crypto-related firms after Bitcoin reached its lowest price of 2024. On Monday, Ark purchased over $8.7 million in Circle (CRCL) shares, more than $6 million in BitMine Immersion Technologies (BMNR), and also added to positions in Coinbase (COIN), Bullish (BLSH), Brera Holdings (SLMT), and its own spot Bitcoin ETF (ARKB). The firm now holds nearly $248 million in Circle and $228 million in BitMine, with Coinbase as its seventh-largest position at $425 million. Despite falling prices—Circle and BitMine shares each dropped over 20% in five days, and Coinbase and Bullish shares also declined—Ark continues to buy into these equities, consistent with past strategies. Cathie Wood remains bullish on Bitcoin, predicting it could reach $1.2 million by 2030, slightly revised down from $1.5 million due to rising stablecoin use. Bitcoin fell to $75,442 on Sunday before recovering slightly, but continued to decline on Tuesday.
