ARK Invest, led by Cathie Wood, made significant purchases of cryptocurrency-linked stocks as Bitcoin’s price declined. The firm acquired shares of Robinhood, Bullish, and Circle totaling approximately $49.8 million while these stocks traded lower. This move comes amid broader weakness in spot Bitcoin ETFs, which recorded net outflows of $276.3 million.
ARK Invest purchased a significant batch of crypto-linked stocks as Bitcoin dipped below $66,000. The firm bought 433,806 shares of Robinhood for approximately $33.8 million according to trade data.
It also increased exposure to Bullish and Circle, acquiring shares valued at $11.6 million and $4.4 million respectively. These purchases occurred as all three stocks traded lower, with Robinhood shares sliding nearly 9%.
The acquisition coincided with the testnet launch of the Robinhood Chain, a new layer-2 blockchain. Robinhood recently reported record quarterly net revenue of nearly $1.28 billion, though it missed Wall Street expectations.
Robinhood is now the largest crypto-linked position in ARK’s flagship ARK Innovation ETF. It accounts for roughly 4.1% of the portfolio, or about $248 million, according to fund data.
Broader market weakness spilled over into U.S. spot Bitcoin exchange-traded funds. These ETFs failed to sustain momentum after a three-day inflow streak.
Bitcoin ETFs recorded $276.3 million in net outflows on Wednesday, according to data. This nearly wiped out weekly gains, which now stand at just $35.3 million.
Ether ETFs also posted losses with daily outflows totaling $129.2 million. XRP funds saw no inflows while Solana ETFs recorded modest inflows of roughly $0.5 million.
At the time of publication, Bitcoin was trading at $67,227, up 0.4% over 24 hours according to data. The pullback follows three consecutive weeks of outflows from crypto investment products.
