Ark Invest Scoops $10m In Bullish As It Hits Record Low Amid Crypto...

Crypto stocks plunged on Monday, with Coinbase, Marathon Digital, Riot, CleanSpark, Circle and Strategy all sliding sharply.

Cathie Wood’s ARK Invest ramped up its exposure to crypto exchange Bullish on Monday, buying $10.2 million worth of shares as its stock slid to a fresh record low during a brutal downturn for publicly traded crypto firms.

According to ARK’s daily trade disclosure, the ARK Innovation ETF (ARKK) added 191,195 Bullish shares, while ARKW bought 56,660. The ARKF fund also picked up 29,208 shares.

The move comes as Bullish (BLSH) tumbled 4.5% to $36.75 on Monday, extending a months-long slide that has pushed the stock down nearly 46% over the past six months.

The buying also comes just one day ahead of Bullish’s third-quarter earnings report, which is expected on Wednesday. The exchange, backed by Peter Thiel, posted $57 million in adjusted revenue during Q2, down from $67 million a year prior, though it swung to a net income of $108.3 million compared to a $116.4 million loss last year.

Related: ARK Invest Adds BitMine and Bullish Shares as Prices Drop

Crypto-linked equities have faced a sharp pullback amid the recent market crash. Mining giants and infrastructure firms have been hit especially hard. Marathon Digital (MARA) dropped 4% on Monday and has struggled to regain momentum after a steady decline throughout the past week. Riot Platforms (RIOT) and CleanSpark (CLSK) also finished in the red.

Michael Saylor-led Bitcoin treasury company Strategy dropped 2% yesterday and has fallen more than 18% over the past five trading sessions.

Stablecoin issuer Circle (CRCL), which went public earlier this year, also ended the day down by more than 6%. The company is down more than 26% over the past five trading days.

Coinbase, the largest US crypto exchange, was not spared. COIN closed down 7% at $263.95 after sliding steadily throughout the session, reflecting broader selling across risk assets.

Source: CoinTelegraph