finance
Ark Invest Bought $75 Million in Crypto Shares While Prices Fell in June
Ark Invest acquired more than $75 million in shares of Coinbase, Circle Internet and Bullish during June. The purchases occurred while Bitcoin posted its worst month in four years and related stocks declined sharply.
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Ark Invest purchased more than $75 million worth of shares in cryptocurrency companies during June. The St. Petersburg, Florida-based firm bought $44 million of Coinbase shares, $25.25 million of Circle Internet shares and $8.2 million of Bullish shares, according to disclosures.
Circle shares fell 40 percent for the month and closed at $62.63. The stock dropped 18 percent on June 30 after the debut of the Open USD stablecoin, which is backed by more than 140 companies including Coinbase, Stripe, Visa, Mastercard and BlackRock. Coinbase shares ended the month just under 20 percent lower at $146.19, while Bullish shares declined 27 percent to $23.43.
Bitcoin recorded its worst month in four years and closed at $58,447.10 on July 1. Circle Internet issues USDC, the world's second-largest stablecoin. Cathie Wood is chief executive of Ark Invest.
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