Cathie Wood-led ARK Invest is doubling down on crypto stocks amid the recent market downturn. According to the latest trading data, over the past three trading days, ARK's funds purchased approximately $43.5 million worth of crypto-related equities, with Coinbase and Circle emerging as the top targets.
Despite the recent poor performance — Coinbase shares have fallen 17% over the past month, while Circle's stock has plunged 27.6% — ARK chose to buy the dip. This move aligns with ARK's long-standing philosophy of 'being greedy when others are fearful' and underscores its conviction in the long-term value of digital assets.
As a prominent Wall Street 'Crypto Queen,' Cathie Wood has repeatedly voiced her optimism about the disruptive potential of cryptocurrencies and blockchain technology. This round of bargain hunting further solidifies her strategic allocation to the crypto sector.