Crypto stocks are on a terrible run but ARK Invest's Cathie Wood is intent on buying the dip.
Wood's ARK funds loaded up on almost $50 million worth of shares in crypto-exposed companies, including crypto exchange Coinbase, Ethereum treasury company Bitmine Immersion Technologies, stablecoin issuer Circle Internet Group, and CoinDesk owner Bullish, according to a trade notification Monday.
Circle shares jumped 4%; BitMine up 2%; Coinbase up 1%.
While it isn't clear exactly when the trades were made, the sector's brutal recent selloff continued on Monday as the price of Bitcoin slipped to around $86,000 -- more than 30% off its record high reached in early October.
Coinbase stock fell more than 6%, while Circle tumbled 9.6%, Bitmine plunged 11% and Bullish slipped 2.6%. Trading platform Robinhood, which ARK Invest's bought more of in a Friday notification was 3.6% down. All five stocks pointed lower again ahead of the open Tuesday.
Based on Monday's closing price, ARK's fund bought $17 million of Bitmine shares, $16.2 million of Coinbase, $10.8 million of Circle, and $5.2 million of Bullish.
The quartet of stocks are all down between 20% and 43% since the beginning of October in what has been a miserable final quarter of the year for digital assets.
Separately, ARK Invest purchased $9.9 million worth of CoreWeave stock, which tumbled 8% Monday. The former crypto-mining company has since pivoted to data centers.
It's clear Wood is betting on a roaring cryptocurrency rebound into the year-end and through 2026.