Cathie Wood's ARK Invest continues to increase its stakes in crypto-related stocks, having still purchased shares of Bullish and Robinhood despite the overall market downturn.
According to trading notifications on Tuesday, ARK Invest's flagship ARK Innovation Fund (ARKK) purchased 356,346 shares of Bullish stock, worth approximately $21 million, and 150,908 shares of Robinhood stock, worth $16.2 million.
Last week, ARK Invest made a significant move in Bullish, acquiring 2.53 million shares through three ETFs for a total value of $172 million after the cryptocurrency exchange listed on the New York Stock Exchange.
At the same time, ARK also increased its holdings in Robinhood stock for the third consecutive time, purchasing $14 million on Monday and $9 million worth of shares on Friday.
Crypto stocks fell.
On Tuesday, both Bullish and Robinhood's stock prices fell. Bullish closed down 6.09% to $59.51, and fell another 3.24% in after-hours trading, while Robinhood dropped 6.54% to $107.50, with an additional 1.23% decline in after-hours trading.
Moreover, other crypto-related stocks also showed a general downward trend. Coinbase fell by 5.82%, Galaxy Digital dropped by 10.06%, Strategy decreased by 7.43%, and Circle fell by 4.49%. The NASDAQ Composite Index also dropped by 1.46%, reflecting overall market tension.
According to CNBC, investors pulled back from crypto stocks that had been boosted by expectations of interest rate easing last week, with attention now turning to the Federal Reserve's Jackson Hole meeting, where any dovish policy hints from Chairman Powell could spark a market rebound.
Bullish raised $1.1 billion.
Last week, Bullish, which operates a cryptocurrency exchange and owns CoinDesk, successfully raised $1.1 billion by issuing 30 million shares at an expected price of $32-33 per share, exceeding expectations.