Arc Investments closed the week with a fresh round in several of its flagship funds, picking positions in Circle, Boom, Bitmine, Robinhood and Bitcoin ETFs as crypto-related equities rebounded.
According to trade reports on Friday, the largest collection of purchases came from ARK Innovation ETF (ARKK), Arc Fintech Innovation ETF (ARKF) and ARC Next Generation Internet ETF (ARKW), with exposure to ARK Innovation ETF (ARKK), Arc Fintech Innovation ETF (ARKF) and ARC Next Generation Internet ETF (ARKW). I expand. Combined, these purchases were worth nearly $2 million on the day, after a bullish 5.75% increase on the day.
Ark also acquired Bitman, with purchases in Arkf, Ark and ArkW totaling approximately $830,000. Bitman closed slightly lower on the day but remained close to its recent trading range of $26.
Additionally, the firm added a small amount of circle and Robin Hood. He acquired 3,529 Circle shares, worth $250,000, as the stablecoin issuer’s stock climbed more than 6 percent. Arc also added about $200,000 in new Robin Hood shares.
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The fund promoted bitcoin ETF holdings
On Friday, Arch added nearly $600,000 to its Bitcoin (BTC) ETF exposure, led by the fund’s fresh purchase of 21 Shares Bitcoin ETF (ARKB). ARKF and ARKW funds combined added more than 20,000 shares.
The purchase comes as the U.S. spot bitcoin ETF market faces its steepest decline since its inception. The 12 funds collectively recorded net outflows of nearly $1 billion on Thursday, the second-largest withdrawals to date and putting the group on pace for its weakest week since February.
Spending has accelerated in the past month, with nearly $4 billion worth of products being abandoned as bitcoin’s price has slid nearly 30 percent from recent highs.
Related: The fund’s investment scopes $10m sharply as it hits record lows amid crypto-stock rout
To buy crypto on the box
On Thursday, Arc made its biggest daily gain of the week. The firm also bought $10.1 million in Coinbase, $9.9 million in Battleman, $9 million in Circle and $9.65 million in bullish, along with an additional $16.8 million in NVIDIA and an additional $6.8 million in Robin Hood.
Earlier, the firm also bought $16.8 million in bounty shares in Butelman for about $15 million and about $7.6 million in derivatives in its ARKF, ArkW and Ark ETFs on Wednesday.
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