Bitcoin News Today: ARK Invest Stands by Crypto as Broader Market Loses Ground

ARK Invest Bolsters Crypto Holdings Amid Market Downturn

Cathie Wood's ARK Invest continued its aggressive buying spree in crypto-related assets this week, allocating nearly $39 million across Bullish, Circle, and BitMine shares as the broader market faced steep declines. The purchases, made through the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF), underscore the firm's conviction in long-term crypto adoption despite a challenging environment according to analysis.

The largest single-day acquisition targeted Bullish, with ARKK, ARKF, and ARKW collectively adding 463,598 shares valued at $16.9 million. This followed a 3.6% drop in Bullish's stock price on November 19, which closed at $36.39. ARK also expanded its position in BitMine, purchasing 260,651 shares worth $7.6 million even as the Ethereum treasury firm's stock slid 9.6% to $29.18. Circle, the stablecoin issuer, saw similar activity, with ARK acquiring 216,019 shares for $15.1 million amid a 9% decline in its stock.

These moves align with ARK's strategy of "buying the dip," a tactic it has employed repeatedly as crypto equities retrace from October highs. The firm's purchases come as U.S. spot Bitcoin ETFs hemorrhage assets, with $3.79 billion in net outflows recorded for November - the worst month on record according to reports. BlackRock's IBIT alone accounted for $2 billion of these outflows, while Bitcoin's price fell nearly 30% from its peak, trading at $91,700 as of November 21.

ARK's confidence contrasts with broader market pessimism. The firm added $600,000 to its Bitcoin ETF holdings on November 19, focusing on the ARK 21Shares Bitcoin ETF (ARKB). This followed a week of volatile trading, with the 12 U.S. spot BTC ETFs experiencing $1 billion in net outflows on November 15 - the second-largest single-day exodus since their January 2024 launch.

The investment firm's strategy appears rooted in fundamental strength among its targets. Bullish reported a Q3 net income of $18.5 million, a dramatic improvement from a $67.3 million loss in the prior year, while Circle's Q3 revenue surged 66% to $740 million. BitMine, though its stock remains under pressure, is set to release quarterly results on November 21, adding to ARK's rationale for continued support.

ARK's actions also highlight a broader shift in crypto market dynamics. As stablecoins like USDC gain traction in emerging markets, Wood has adjusted her Bitcoin price targets, now forecasting $1.2 million per BTC by 2030 - down from a prior $1.5 million but still reflecting long-term optimism. Meanwhile, the firm's recent purchases of Coinbase, Robinhood, and Nvidia shares signal a diversified approach to capitalizing on the sector's structural changes.