Ark invests in Coinbase, Block and Circle as crypto-linked stocks slide

Ark Invest bought more Coinbase, Block, Circle and other crypto-linked stocks via its ETFs as sector valuations fell during the latest market pullback.​

Ark Invest expanded its positions in several cryptocurrency-focused companies as prices fell across the sector, according to trade filings.

The investment firm made large purchases in Block, Circle Internet Group and Coinbase, the filings showed. The transactions occurred during a continued downturn in cryptocurrency markets driven by thin liquidity and uncertainty around broader economic conditions.

Ark Invest continues to make innovative purchases

Ark acquired shares in Block, Circle and Coinbase across its exchange traded funds, with most of the buying taking place through the Ark Innovation ETF, where Coinbase represents a top holding, according to the filings. Circle and Block also represent significant positions in the fund.

The firm also purchased shares in Bullish, Robinhood Markets and its own Ark-21Shares spot bitcoin ETF, the filings indicated. Ark has increased its exposure to crypto-linked stocks in recent weeks as their valuations declined.

Block closed higher for the day but remained down for the month. Circle fell and has dropped substantially over the past month. Coinbase declined and remains down for the month.

The pullback in crypto-linked equities tracks a broader market retreat. Bitcoin (BTC) trades well below its record high set six weeks ago as trading volumes remain light and macroeconomic uncertainty weighs on sentiment, according to market data.