Arc Investments has increased its exposure to crypto-linked equities, and several of its exchange-traded funds have seen markets slide as Bitman dives into more technologies and bullish shares.
According to Arc’s daily trading disclosures since Friday, Arc Fintech Innovation ETF (ARKF) added 18,089 shares of Bitmain, Arc Next Generation Internet ETF (ARKW) bought 34,637 Bitmain shares, while Arc Innovation ETF (ARC) added 116,681.
Also, ARKF bought 8,063 bullish shares, ARKW added 15,441 shares and ARKK acquired 52,011 shares. The fund’s total bullish buying for the day brought in 75,515 shares, worth approximately $2.91 million.
The renewed rally came on a day when both stocks faced heavy selling. Bullish closed up 6.19% at $38.48, while Bitcoin fell nearly 6% to $34.40. Both saw minor recoveries in after-hours trading.
Related: Cathy Wood’s Ark Bags $46 Million As Circle Stock Falls Below $90
To buy crypto on the box
Ark’s latest acquisition comes as the company is on a crypto buying spree. The firm amassed 542,269 Circle (CRCL) shares over a two-day period last week, costing about $46 million.
Wednesday’s .4 30.4 million and Thursday’s .5 15.5 million were bought as CRCL continued its decline, $86 and then. closed at 82.30. It’s Arc’s first round of buybacks since June, when the firm sold $1.7 million of shares at an average price of $200, booking $352 million.
Along with Circle, Ark is also increasing its position in Bitmine. On Thursday, Ark acquired 242,347 Bitman shares worth about $8.9 million after the stock fell to as low as $37.
Related: Cathy Wood’s Arc Investments Raises Bitman Shares as It Offloads $30 Million in Tesla Stock
Bitcoin shakes up leadership as its Ether treasury tops $11b
As Cointelegraph reported, BitMine has replaced its chief executive as the company continues to hold on to its position as the largest public firm holding ether. The firm announced that Chi Sang will take over from Jonathan Butts. The company also named three new board members.
The move comes on top of the more than 3.5 million Ether (ETH), worth more than $11 billion, now sitting in Bitcoin’s coffers. Originally a crypto-mining business, Bitmine has turned into a major institutional holder of Ethereum, drawing comparisons to Michael Sellers’ Bitcoin-based strategy.
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