ARK's Long-Term Bet: Buying Crypto Firms as Market Tumbles

ARK Invest's latest moves in the volatile crypto market have drawn attention as the firm continues to load up on shares of Circle, BitMine, and Bullish despite broader declines in crypto-related equities. The asset manager's strategic purchases, spread across its flagship ETFs, highlight its confidence in the long-term potential of these companies even as short-term market pressures persist according to market reports.

On Nov. 14, ARK's ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) collectively acquired $16.3 million in Circle (CRCL) shares, $9.8 million in BitMine (BMNR) shares, and $7.3 million in Bullish (BLSH) shares according to financial data. These purchases followed a sharp selloff in the stocks: Circle closed down 4.59%, BitMine fell 9.86%, and Bullish slipped 9.85% according to market data. The firm's accumulation of Circle shares, in particular, marked a return to buying the stablecoin issuer after a months-long hiatus. Over the previous two days, ARK had spent $46 million to add 542,269 Circle shares as the stock traded below $90.

BitMine, the largest public Ethereum treasury firm, also attracted significant attention. ARK added 242,347 BitMine shares for $8.9 million on Nov. 13 and another 116,681 shares on Nov. 14, bringing total holdings to $18.7 million across three ETFs according to market reports. This follows the company's recent leadership shakeup, with Chi Tsang replacing Jonathan Bates as CEO according to company updates. Meanwhile, Bullish, the crypto exchange backed by Peter Thiel, saw ARK invest $10 million in shares just before the firm reported a record $18.5 million net income for Q3 2025. Despite these strong earnings, Bullish's stock remains down nearly 40% from its August IPO high.

The market backdrop for these purchases has been challenging. Bitcoin fell below $90,000 on Nov. 19, marking a 4.2% drop from recent highs, while ether slid 6% to under $3,000. Crypto-related equities mirrored this decline, with BitMine and Circle shares down 8%-9% and Strategy (MSTR) hitting a one-year low. Broader macroeconomic concerns, including uncertainty around the Federal Reserve's December rate decision, have exacerbated selling pressure.

ARK's strategy of "buying the dip" aligns with its historical approach to volatile assets. The firm's recent purchases of Bullish, for instance, have totaled $172 million since the exchange's August IPO. Similarly, Circle's Q3 performance-$740 million in revenue and $214 million in net income-has not prevented its stock from falling 40% over the past month. Analysts suggest ARK's bets reflect a belief that these companies are undervalued amid short-term market pessimism.

The moves also come as crypto firms navigate a mixed regulatory landscape. Bullish recently secured a New York BitLicense, enabling U.S. spot trading and options offerings that have driven record volumes. Circle, meanwhile, is exploring a native token for its Arc blockchain, signaling expansion into programmable finance. Despite these developments, investor sentiment remains cautious, with the Crypto Fear and Greed Index stuck in "Extreme Fear" territory.

ARK's latest acquisitions underscore its commitment to crypto-linked equities at a time of market turmoil. As Bitcoin and altcoins face renewed selling pressure, the firm's bets on Circle, BitMine, and Bullish will be closely watched for signs of conviction-or capitulation.