In a move signaling confidence in the US cryptocurrency sector, investment firm ARK Invest increased its positions in two major companies during recent market pullbacks.
The firm disclosed the purchase of 94,678 shares of cryptocurrency exchange Coinbase Global, valued at approximately $30 million. This acquisition coincided with a significant 16.7% drop in Coinbase’s stock price.
Simultaneously, ARK Invest acquired 540,712 shares of BitMine Immersion Technologies, a cryptocurrency mining company specializing in immersion-cooling infrastructure. The investment totaled around $17 million and came as BitMine’s shares declined by 8.55%.
The BitMine investment holds particular strategic weight, as it aligns with ARK’s focus on Ethereum. BitMine holds the largest corporate treasury of Ether (ETH) globally, possessing 625,000 ETH.
These purchases occurred against a backdrop of broader market weakness. Influential factors included disappointing July jobs data, which showed only 73,000 new positions added, falling short of broader market expectations.
ARK Invest’s actions reflect a continued long-term bullish outlook on key players within the cryptocurrency infrastructure space, specifically exchanges like Coinbase and mining operations focusing on leading assets such as Ethereum.