Cathie Wood’s ARK Invest has increased its positions in two major crypto-related firms: Bullish and Robinhood. According to trade disclosures released Tuesday, ARK Innovation ETF (ARKK) acquired 356,346 shares of Bullish (BLSD) worth approximately $21.2 million, along with 150,908 Robinhood Markets (HOOD) shares, valued at $16.2 million.
The purchases are indicative of ARK’s confidence in the long-term potential of crypto-linked equities despite sharp declines across the sector. The latest buys come just a week after ARK made a massive $172 million investment in Bullish, scooping up 2.53 million shares across three ETFs following the crypto exchange’s debut on the New York Stock Exchange.
Continued Acquisitions Despite Market Challenges
ARK has continued its buying spree for Robinhood shares for the last three trading sessions in raw. The firm added nearly $14 million worth of Robinhood stock on Monday and $9 million more last Friday, reinforcing its position in the fintech firm.
ARK’s re-entry into Robinhood follows a series of sell-offs in 2024, when it was forced to offload shares to comply with SEC Rule 12d3-1, which limits ETF exposure to broker-dealers to no more than 5% of total assets.
However, the timing of the purchases comes as both Bullish and Robinhood shares plunged. On Tuesday, Bullish stock closed down 6.09% at $59.51, shedding another 3.24% in after-hours trading. Meanwhile, Robinhood slid 6.54% to $107.50, with an additional 1.23% dip post-market as per Google Finance data.
Sector-Wide Sell-Off Adds Pressure
The broader market sentiment toward crypto equities turned sour this week. Major players like Coinbase, Galaxy Digital, MicroStrategy, and Circle all faced significant losses. This wider market nervousness was reflected in the 1.46% decline in the Nasdaq Composite.
Analysts noted that market attitude has changed since last week’s rate-cut optimism, which momentarily increased tech and cryptocurrency equities.
Also Read: Bitcoin Price Dips Below $113,000 Amid SEC, AI, and Tariff Fears
