Bitcoin News Today: Ark Invest Adds $39.6M to Crypto Holdings Amid Selloff, Bets on Long-Term Value

Pre-market trading in U.S. crypto-related stocks continued to weaken on November 21, with key names extending losses amid broader market volatility. MicroStrategy (MSTR) fell 4.48%, while Circle (CRCL), Coinbase (COIN), and Bitmine Immersion (BMNR) dropped 1.45%, 2.54%, and 3.5%, respectively. The declines mirrored a broader sell-off in the crypto sector, which saw Bitcoin (BTC-USD) retreat below $91,600, nearing its worst monthly performance since 2022. Earlier in the month, similar downward trends had been observed, with MARA Holdings (MARA) and Riot Platforms (RIOT) slipping 3.29% and 4.18% in pre-market sessions according to market data.

Ark Invest, however, took a contrarian approach, adding $39.6 million to its holdings of crypto-linked stocks as prices tumbled. The firm purchased 463,598 shares of Bullish (BLSH), 216,019 shares of Circle (CRCL), and 260,651 shares of Bitmine (BMNR) on November 20, betting on long-term value amid short-term turbulence. This move aligns with the firm's history of "bargain hunting" during market downturns, particularly in sectors it views as strategically positioned for growth.

The broader crypto market faced a record $3.79 billion in outflows from U.S.-listed spot Bitcoin ETFs in November, according to SoSoValue. BlackRock's IBIT led the exodus with over $2 billion in redemptions, while ether ETFs also saw $1.79 billion in outflows. The selloff coincided with Bitcoin's 6.4% drop to $81,629, its steepest decline since the 2022 crypto crash. Analysts attributed the rout to a combination of leveraged liquidations and souring sentiment, exacerbated by delayed U.S. jobs data and fading expectations of rate cuts.

Meanwhile, Strategy (MSTR), the largest Bitcoin treasury company, has been aggressively accumulating the asset despite its stock price falling nearly 60% over four months. The firm recently purchased 8,178 BTC at an average price of $102,171, adding to its $1.5 billion in November Bitcoin buys. However, its share dilution strategy-funded by equity and convertible debt offerings-has eroded investor confidence, with shares now trading at $186, down from a July high of $456.

Amid the turmoil, Bitmine Immersion (BMNR) released a November chairman's message defending its long-term crypto outlook. The company, which holds 3.6 million ETH, argued that the current price cycle suggests a top could be 12–36 months away. It also highlighted the potential of Ethereum's Fusaka upgrade and the tokenization of traditional assets as tailwinds according to its official announcement.

The crypto market's volatility has also spilled into AI and HPC-focused bitcoin miners, which surged pre-market following NVIDIA's strong earnings. IREN (IREN) and Cipher Mining (CIFR) rose over 8% and 11%, respectively, as investors sought refuge in tech-driven plays.