Key facts
- Ark Invest invested more than $75 million in cryptocurrency-related companies during June.
- The firm purchased $44 million worth of shares in crypto exchange Coinbase.
- Ark Invest acquired $25.25 million in equity of Circle Internet, the issuer of USDC.
- The investment manager also bought $8.2 million worth of shares in crypto exchange Bullish.
- Circle's shares dropped 40% in June, closing at $62.63.
- Coinbase shares ended June down almost 20% at $146.19.
- Bullish shares fell 27% to $23.43 by month's end.
Ark Invest significantly increased its stake in cryptocurrency-related companies during June, investing over $75 million in total. The firm, known for its strategy of acquiring shares during market downturns, saw an opportunity as major cryptocurrencies and digital asset firms experienced substantial price drops.
Specifically, Ark Invest purchased $44 million worth of shares in the crypto exchange Coinbase, $25.25 million in equity of Circle Internet, the issuer of the world's second-largest stablecoin USDC, and $8.2 million in shares of crypto exchange Bullish, the parent company of CoinDesk.
These investments were made as the underlying assets faced significant pressure. Circle's shares slumped 40% in June, ending the month at $62.63. This decline included an 18% drop on June 30, following the launch of a rival stablecoin, Open USD. Coinbase shares finished June down nearly 20% at $146.19, while Bullish shares fell 27% to $23.43.