Ark Invest frequently increases its holdings in cryptocurrency companies when market prices dip, and June proved to be no different.
Bitcoin the leading cryptocurrency, suffered its worst month in four years, causing digital asset firms’ share prices to decline, which Ark considered a buying opportunity.
The St. Petersburg, Florida‑based investment firm acquired $44 million of Coinbase (COIN) shares, using the closing prices on the days of purchase. It also bought $25.25 million of equity in Circle Internet (CRCL), the issuer of the world’s second‑largest stablecoin USDC, and $8.2 million of Bullish (BLSH), the parent of CoinDesk, per emailed disclosures.
Circle’s shares fell 40% in June, closing the month at $62.63. The decline included an 18% drop on June 30 after the launch of rival stablecoin Open USD, which is supported by more than 140 companies such as Coinbase, Stripe, Visa, Mastercard and BlackRock.
COIN finished June just under 20% lower at $146.19, while BLSH declined 27% to $23.43.
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