ARK Invest wraps up week with Bitcoin ETF, Bullish, Circle, BitMine buys

ARK Invest ramped up its crypto exposure on Friday, adding Bullish, BitMine, Circle, Robinhood and nearly $600K in Bitcoin ETFs as crypto equities attempted a rebound.

ARK Invest closed out the week with a fresh round of accumulation across several of its flagship funds, picking up positions in Circle, Bullish, BitMine, Robinhood and Bitcoin ETFs as crypto-related equities rebounded.

The largest set of purchases targeted Bullish, with ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW) expanding their exposure, according to trade notifications for Friday. Combined, these buys amounted to about $2 million, following Bullishs 5.75% gain on the day.

ARK also continued accumulating BitMine, with purchases across ARKF, ARKK and ARKW totaling approximately $830,000. BitMine closed slightly lower on the day but remained within its recent trading range near $26.

Furthermore, the firm added small amounts of Circle and Robinhood. It acquired 3,529 Circle shares, worth $250,000, as the stablecoin issuers stock climbed more than 6%. ARK also added about $200,000 in new Robinhood shares.

Bullish shares gain nearly 6% on Friday. Source: Google Finance

ARK boosts Bitcoin ETF holdings

On Friday, ARK increased its Bitcoin (BTC) ETF exposure by nearly $600,000, led by fresh purchases of the ARK 21Shares Bitcoin ETF (ARKB). The ARKF and ARKW funds together added more than 20,000 shares.

The purchase comes as the US spot Bitcoin ETF market is facing one of its sharpest downturns since its launch. The 12 funds collectively recorded nearly $1 billion in net outflows on Thursday, marking the second-largest daily withdrawal to date and placing the group on pace for its weakest week since February.

Outflows have accelerated throughout the past month, with around $4 billion leaving the products as Bitcoins price has slipped roughly 30% from recent highs.

ARK on crypto buying spree

On Thursday, ARK made its largest daily acquisition of the week. The firm snapped up $10.1 million in Coinbase, $9.9 million in BitMine, $9 million in Circle and $9.65 million in Bullish, alongside additional purchases of $16.8 million in Nvidia and $6.8 million in Robinhood.

Prior to that, the firm also purchased $16.8 million worth of Bullish shares, roughly $15 million in Circle and about $7.6 million in BitMine across its ARKF, ARKW and ARKK ETFs on Wednesday.