Cathie Wood has made another bold move in the crypto market. Despite a sharp sell-off in tech stocks, the ARK Invest CEO bought more than $31 million worth of crypto-related shares this week.
On November 12, ARK Invest purchased over $30 million in shares of Circle Internet Group. Circle is the company behind USDC, the world’s second-largest stablecoin. Its stock fell more than 4% that day, giving Wood an opportunity to buy at a lower price.
One day later, on November 13, ARK Invest expanded its buying spree. The fund bought:
- $15.56 million in 188,941 more Circle (CRCL) shares
- $8.86 million in 242,347 Bitmine Immersion Technologies (BMNR) shares
- $7.28 million in 177,480 Bullish (BLSH) shares
The three companies are major players in the crypto industry. Circle recently posted strong third-quarter earnings, but its stock still dropped to $82.34 before rising slightly in pre-market trading.
Bitmine Immersion, led by longtime Wall Street strategist Tom Lee, is known for its large Ethereum holdings. Its stock fell nearly 10% and continued to trade lower in pre-market hours.
Bullish, one of the leading U.S. crypto exchanges, also saw its shares sink almost 10%.
Wood’s purchases come as the overall tech market faces heavy pressure. Earlier this year, she cut her long-term Bitcoin prediction from $1.5 million to $1.2 million, showing a more cautious outlook. Still, her latest moves signal strong confidence in crypto companies during a market downturn.
