Kathy Wood Ark Investment Management Thursday accumulated more shares in cryptocurrency-related stocks such as Bitcoin (CRYPTO: BTC) The digital asset market crashes.
The famous money management company has been added to stakes in Robinhood Markets Inc (NASDAQ: HOOD), block you (NYSE: SQ) and Coinbase Global Inc (NASDAQ: COIN) down.
Ark Invest has purchased 487,263 shares – valued at approximately $7.6 million – in Robinhood. The stock closed down 2.5% at $15.6 per share Thursday.
The asset manager bought 35,390 shares of Coinbase and 121,727 shares of Block — valued at $8.3 million and $17.6 million, respectively.
Coinbase stock closed slightly lower at $234 a share and is down about 7% in the first trading week of the new year. Banned shares, which are down about 12% so far this year, closed 0.82% higher at $144.7 a share Thursday.
See also: Cathy Wood buys and blocks the plunge in crypto-heavy Robinhood stock
Yesterday’s Federal Open Market Committee (FOMC) meeting minutes sparked initial crypto sell-offs, which led to even larger sell-offs and liquidations, according to cryptocurrency research firm Delphi Digital.
The internet in Kazakhstan has been shut down due to protests after fuel price hikes.
Marcus Sotirio, UK analyst – digital asset-based trading firm GlobalBlock notes that adding to the long-term effects of this power shortage may be small.
Ark Invest owns 3.13 million shares in Coinbase, 5.73 million shares in Block and 21.7 million shares in Robinhood before trading Thursday.
See also: Bitcoin, Ethereum and Dogecoin Take a Big Blow as ‘Extreme Fear’ Takes Over the Market – Why This Analyst Thinks Apex Coin Has More Pain in Store for Investors
Bitcoin and other major currencies flashed red on Thursday evening as the global cryptocurrency market cap fell 1.4% to $2 trillion.
Ethereum (CRYPTO:ETH) It is down 4.6% to $3,383.90 in 24 hours and down 8.5% over a seven-day tracking period. Dogecoin (CRYPTO: DOGE) down 0.64% to $0.16 in 24 hours. Over the past seven days, it has lost 7.5% of its value.
Photo: Courtesy of Robinhood