ARK Invest ended the week with a recent round of accumulations across several of its flagship funds, gaining positions in the Circle, Bullish, BitMine, Robinhood and Bitcoin ETFs as cryptocurrency stocks rebounded.
The largest set of purchases were bullish, with the Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW) adding exposure, according to Friday’s trading alerts. These purchases totaled approximately $2 million, following Bullish’s daily gain of 5.75%.
ARK also continued to accumulate BitMine, with purchases in ARKF, ARKK, and ARKW totaling approximately $830,000. BitMine closed the day slightly lower but remained in its recent trading range near $26.
Additionally, the company has added miniature amounts of Circle and Robinhood. It acquired 3,529 shares of Circle worth $250,000 as shares of the stablecoin issuer rose more than 6%. ARK also added approximately $200,000 worth of recent Robinhood shares.
Related: Cathie Wood’s ARK Loads on Circle, BitMine, Bullish as Crypto Stocks Drop
ARK increases Bitcoin ETF holdings
On Friday, ARK increased its exposure to the Bitcoin ETF (BTC) by almost $600,000, mainly due to recent purchases of the ARK 21Shares Bitcoin ETF (ARKB). The ARKF and ARKW funds together added over 20,000 shares.
The purchase comes as the U.S. spot Bitcoin ETF market faces one of its sharpest declines since its launch. On Thursday, 12 funds recorded a combined nearly $1 billion in net outflows, marking the second-largest daily drawdown on record and putting the group on pace for its weakest week since February.
Outflows have accelerated over the past month, with about $4 billion leaving products as Bitcoin’s price has dropped about 30% from recent highs.
Related: ARK Invest Takes $10 Million in Bullish as It Hits Record Low as Crypto Stocks Slump
ARK on the cryptocurrency purchasing frenzy
On Thursday, ARK made its biggest daily takeover of the week. The company raised $10.1 million in Coinbase, $9.9 million in BitMine, $9 million in Circle and $9.65 million in Bullish, as well as additional purchases of $16.8 million in Nvidia and $6.8 million in Robinhood.
Earlier on Wednesday, the company also acquired $16.8 million worth of Bullish shares, about $15 million in Circle and about $7.6 million in BitMine through its ARKF, ARKW and ARKK ETFs.
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