Ark Invest bought more than $75 million of crypto shares during June bloodbath
Key takeaways
- Bitcoin BTC$58,545.68, the largest cryptocurrency, recorded its worst month in four years, and digital asset firms' share prices suffered accordingly, which Ark read as a buying opportunity.
- COIN ended June just under 20% lower at $146.19, while BLSH fell 27% to $23.43.
- Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
The decline included a 18% drop on June 30 following the debut of rival stablecoin Open USD.Ark Invest has a tendency to load up on shares in cryptocurrency companies when their prices are depressed, and June was no exception.
Bitcoin BTC$58,545.68, the largest cryptocurrency, recorded its worst month in four years, and digital asset firms' share prices suffered accordingly, which Ark read as a buying opportunity.
The St. Petersburg, Florida-based investment manager bought $44 million worth of shares in crypto exchange Coinbase (COIN), based on the closing prices of the days on which purchases were made. It purchased $25.25 million worth of equity in Circle Internet (CRCL), issuer of the world's second-largest stablecoin USDC, and $8.2 million worth of crypto exchange Bullish (BLSH), the parent company of CoinDesk, according to emailed disclosures.