Cathie Wood’s Ark Investment Management on Thursday piled up more shares in cryptocurrency-related stocks as the Bitcoin (CRYPTO: BTC)-led digital assets market crashed.
The popular money managing firm added to stakes in Robinhood Markets Inc (NASDAQ:HOOD), Block Inc (NYSE:SQ) and Coinbase Global Inc (NASDAQ:COIN) on the dip.
Ark Invest bought 487,263 shares — estimated to be worth $7.6 million — in Robinhood. The stock closed 2.5% lower at $15.6 a share on Thursday.
The asset management firm bought 35,390 shares in Coinbase and 121,727 shares in Block — estimated to be worth $8.3 million and $17.6 million respectively.
Coinbase stock closed marginally lower at $234 a share and is down about 7% in the first trading week of the new year. Block shares, which are down about 12% so far this year, closed 0.82% higher at $144.7 a share on Thursday.
See Also: Cathie Wood Buys The Dip In Heavy-Crypto-Exposure Stocks Robinhood And Block
The Federal Open Market Committee minutes released yesterday triggered the initial sell-off in cryptocurrencies, leading to larger sell-offs and liquidations, as per cryptocurrency research firm Delphi Digital.
Kazakhstan’s internet has been shut down due to protests after a rise in fuel prices.
“Kazakhstan is the second largest country for Bitcoin mining, with 18% of Bitcoin’s hash rate (computing power), so the internet shutdown caused a 12% drop in Bitcoin’s hash rate within a few hours,” Marcus Sotiriou, analyst at United Kingdom-based digital-asset trading firm GlobalBlock noted, adding the long-term impacts of this power shortage may be negligible.
Ark Invest held 3.13 million shares in Coinbase, 5.73 million shares in Block, and 21.7 million shares in Robinhood, prior to Thursday’s trade.
See Also: Bitcoin, Ethereum, Dogecoin Take A Hit As Market Gets Gripped By ‘Extreme Fear’ — Why This Analyst Thinks Apex Coin Has More Pain In Store For Investors
Bitcoin and other major coins flashed red Thursday evening as the global cryptocurrency market cap decreased 1.4% to $2 trillion.
Ethereum (CRYPTO: ETH) was down 4.6% at $3,383.90 over 24 hours and has fallen 8.5% over a seven-day trailing period. Dogecoin (CRYPTO: DOGE) declined 0.64% to $0.16 over 24 hours. Over the last seven days, it has lost 7.5% of its value.
Photo: Courtesy of Robinhood
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