Cathie Wood's Ark Invest purchased approximately $9.1 million in crypto-related equities on Nov. 25, acquiring $7.6 million in Circle Internet Group and $1.5 million in Bullish stock even as both companies traded lower and Bitcoin hovered near $87,500.
The acquisition marks the latest in a series of contrarian purchases by the St. Petersburg, Florida-based investment manager, which has deployed more than $120 million into crypto equities over the past two weeks as digital asset prices declined sharply from their recent highs.
Circle closed at $70.11 on Tuesday, down 3.62%, while Bullish fell 2.41% to $40.50, according to market data. Bitcoin traded near $87,500, down more than 30% from its October all-time high of $126,000.
What Happened
The Nov. 25 trades follow Ark's larger buying spree on Nov. 20, when the firm accumulated approximately $39.6 million across Bullish, Circle and BitMine Immersion Technologies as the broader crypto market extended losses. On Nov. 21, Ark added another $38.7 million in crypto equities, including positions in Coinbase, demonstrating a persistent appetite for digital asset infrastructure companies during market weakness.
The investment manager has built substantial positions across its three flagship exchange-traded funds. Coinbase remains Ark's largest crypto holding at $506.4 million, representing approximately 4% of total assets under management. Circle accounts for about 2% of holdings at roughly $255 million, while Bullish positions total $151.8 million across various funds.
Most purchases flowed through the ARK Fintech Innovation ETF, where Coinbase ranks as the second-largest position behind Shopify. The ARK Innovation ETF and ARK Next Generation Internet ETF also participated in the crypto stock accumulation.
Ark's buying pattern intensified on Nov. 13, when the firm acquired $30.5 million in Circle shares as the stock plunged 12% following third-quarter earnings. While Circle reported net income of $214 million - triple the previous year - concerns about declining interest rate income from reserves pressured the stablecoin issuer's stock price.
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Why It Matters
The aggressive accumulation reflects Ark's conviction in crypto infrastructure companies despite November's brutal market conditions. Bitcoin erased all gains from 2025, falling from its October peak to trade in the mid-$80,000 range. The decline triggered $3.79 billion in Bitcoin ETF outflows during November, the fourth consecutive week of redemptions.
The crypto market rout wiped approximately $1 trillion in value as institutional investors pulled back, miners sold inventory to cover costs, and technical indicators flashed bearish signals. Bitcoin's fear and greed index dropped to "extreme fear" levels, typically associated with capitulation phases in previous cycles.
Cathie Wood recently adjusted her long-term Bitcoin price target, lowering her 2030 forecast from $1.5 million to $1.2 million per coin. The revision accounts for stablecoins increasingly fulfilling payment functions originally expected for Bitcoin, particularly in developing markets.
Despite the near-term volatility, Wood maintains her bullish thesis on blockchain technology and digital assets. Circle, which issues the USDC stablecoin with $73.7 billion in circulation, reported 66% year-over-year revenue growth to $740 million in the third quarter. The company is also exploring launching a native token for its Arc blockchain, currently in public testnet.
Final Thoughts
Ark's contrarian approach exemplifies the "buy the dip" strategy that has defined the firm's investment philosophy across multiple sectors. The purchases indicate confidence that current valuations present long-term opportunities, even as short-term sentiment remains pessimistic.
The broader institutional landscape shows mixed signals. While Ark aggressively accumulated, Bitcoin ETFs experienced $3.55 billion in November outflows, and stablecoin supply declined, suggesting capital is leaving the digital asset ecosystem. However, companies like Harvard University recently tripled their Bitcoin ETF holdings to $443 million, demonstrating that some major institutions view the correction as a buying opportunity.
Ark's total crypto equity exposure now exceeds $1 billion when including positions in Coinbase, Circle, Bullish, BitMine and Robinhood. This concentrated bet on publicly-traded crypto infrastructure companies provides investors with regulated exposure to the digital asset sector without directly holding cryptocurrencies.
The firm's continued accumulation suggests belief that the current downturn represents a healthy correction rather than a structural breakdown. With Bitcoin still trading well above its 2021 cycle high of $69,000 and institutional infrastructure continuing to expand, Ark appears positioned for a potential recovery in crypto markets heading into 2026.
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