Ark Invest bought more than $75 million worth of crypto-related stocks during the June downturn, with the largest allocation going to Coinbase, followed by Circle and Bullish. Based on the firm’s disclosed daily trade data, Cathie Wood’s investment company stepped in during the market slump and built positions while prices were under pressure.
The report says Bitcoin posted its worst June performance in nearly four years, dragging down publicly listed crypto and blockchain names across the board. Ark used that weakness to add exposure. Estimated using each stock’s closing price on the purchase date, the firm bought about $44 million of Coinbase shares, around $25.25 million of Circle, and roughly $8.2 million of Bullish.
Coinbase drew the largest share of Ark’s June buying
Coinbase, the biggest regulated crypto exchange in the US, fell nearly 20% in June and ended the month at $146.19. Even with that decline, it remained a core holding across Ark products including its flagship ETF lineup. The new purchases show Ark kept adding to a name it already treats as central to its crypto equity exposure.
Circle saw a much steeper drop. Its shares fell 40% over the month and closed June at $62.63. On June 30, a group described in the source material as the “Open Standard” alliance, backed by more than 140 financial and technology companies including Visa, BlackRock, Stripe, Google and Coinbase, said it would launch a new dollar stablecoin called Open USD, or OUSD. Circle stock dropped 18% that day.
Circle sold off hard after OUSD announcement
Among Ark’s June buys, Circle drew the most attention on Wall Street. The source report links the selloff to concerns that OUSD’s revenue-sharing structure could challenge Circle’s reserve-interest business model. Ark did not pull back. It added more than $25 million of the stock during that period, making Circle the second-largest position in this round of dip buying.
Bullish was the third major target. The exchange operator, also identified in the source as CoinDesk’s parent company, dropped 27% in June and finished the month at $23.43. Ark’s estimated purchases came to about $8.2 million. The company’s focus on institutional crypto trading left it exposed to the broader market drawdown, and Ark used that valuation pullback to enter more aggressively.
Taken together, the June purchases show Ark adding across several parts of the crypto equity market: a major exchange, a stablecoin issuer and an institutional trading platform. The combined buying in Coinbase, Circle and Bullish made up the bulk of Ark’s more than $75 million deployment during the selloff.