Key Highlights
- ARKK led purchases, adding Bullish, Circle, and BitMine shares while trimming Iridium, Pinterest, Natera, Teradyne, and AMD.
- Crypto stocks fell, with Circle down 9%, Bullish 3.6%, and BitMine 9.6% over the trading session.
- The acquisitions came as Bitcoin (BTC) continued its retreat, falling around 11% over the preceding five days.
Cathie Wood’s ARK Invest has been steadily increasing its stake in crypto-related stocks even as the sector faces broader declines. On Wednesday, the firm spent over $39 million to buy shares in Bullish, Circle Internet Group, and BitMine Immersion Technologies across its exchange-traded funds (ETFs).
According to ARK’s trade filings, the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) collectively bought 216,019 shares of Circle, 463,598 shares of Bullish, and 260,651 shares of BitMine. The total investment amounted to $17.7 million in Circle, $16.9 million in Bullish, and $7.6 million in BitMine.
ARKK led the purchases, acquiring 322,917 shares of Bullish, 150,518 shares of Circle, and 181,774 shares of BitMine. ARKW and ARKF also added crypto shares across their portfolios. On the other side, ARK Invest offloaded shares of Iridium Communications, Pinterest, Natera, Teradyne, AMD, Reddit, and Bill Holdings across its ETFs. On November 15, ARK also added more shares of BitMine and Bullish across its ETFs, showing continued support for both companies.
Shares facing headwinds
The purchases came amid a broader drop in crypto stocks.
According to the data of Yahoo Finance, Circle, the company behind the USDC stablecoin, closed down nearly 9% at $69.72. Bullish fell 3.6% to $36.39, while BitMine ended the day down 9.6% at $29.18.
Larger crypto-related companies also faced sharp declines, with Michael Saylor’s Bitcoin treasury firm, Strategy Inc. (MSTR), dropping 9.8% to close at $186.50.
The broader crypto market has also been retreating. According to CoinMarketCap, Bitcoin has fallen about 11% over the past five days, dropping from around $96,500 to roughly $91,795.
Earnings That Justify the Dip
Despite these declines, ARK has continued its buying spree, signifying confidence in the crypto sector’s long-term potential.
Bullish had a strong third quarter for 2025, reporting $18.5 million in net income, compared with a $67.3 million loss in the same period last year. Sales of digital assets dropped to $41.6 billion from $54.2 billion, but adjusted revenue rose to $76.5 million, and adjusted net income jumped to $13.8 million.
Circle’s reported Q3 2025 results were strong, as revenue increased 66% to $740 million and net income surged 202% to $214 million as USDC adoption continues. The amount of USDC in circulation was up to $67.8 billion, while platform-held USDC saw a jump of 1,277%. BitMine will announce quarterly results on November 21.
On the tech side, strong quarterly earnings at Nvidia boosted the market; the company’s shares surged more than 5% in after-hours trading. This positive momentum also dragged other giant techs higher, including Apple, Microsoft, Alphabet, Amazon, and Meta.
Also Read: Basel Committee Chief Urges Updates to Bank Crypto Rules
