Ark Invest Increases Holdings in Crypto Equities Amid Market Dip, Cathie Wood Adjusts Bitcoin Price Target
Ark Invest increased its stakes in crypto equities such as Coinbase (COIN), BitMine (BMNR), and Circle (CRCL) as their prices declined on Monday.
In three actively managed Ark ETFs, the firm purchased over 550,000 shares of BMNR valued around $17 million and about 65,000 shares of COIN worth approximately $16.5 million.
Additionally, Ark acquired approximately $11.8 million in Circle (CRCL), $5.3 million in Bullish (BLSH), and $1 million in Brera Holdings, all of which had recently experienced price drops.
Across its ETFs, Ark holds $609 million in Coinbase, $323 million in Circle, and $275 million in BitMine, with COIN ranking as Ark's third-largest holding, and CRCL and BMNR ranked 12th and 14th respectively.
Currently, COIN trades around $251.88 and BMNR around $30.92, both having fallen in the last five trading days by about 9% and 21% respectively.
Ark also added nearly $400,000 in ARKB, Ark's Bitcoin ETF issued by 21Shares, coinciding with Bitcoin's price slide below $86,000.
Cathie Wood, Ark's CEO, lowered her 2030 Bitcoin price target from $1.5 million to $1.2 million, citing increased stablecoin adoption as reducing one potential use case for Bitcoin.
Bitcoin traded near $87,716, up approximately 2.6% on the day, yet it remains more than 30% below its October all-time high of $126,080.
