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I noticed something interesting these days: Ark Invest has been buying shares of Bullish, the cryptocurrency exchange, for 9 consecutive days. On Wednesday, they added another $11.6 million, so in total they have accumulated about 2.1 million BLSH shares worth approximately $58.75 million.
The curious thing is that Cathie Wood doesn’t stop there. That same day, they also bought $33.8 million in Robinhood and $4.37 million in Circle. It seems they see opportunity where others see decline. BLSH shares have been falling quite a bit this year, nearly 16% since the start, and the cryptocurrency exchange has felt the impact along with the entire market.
With Bitcoin recently hitting lows (around February$63k , it makes sense that fund managers are looking for entry points. Now BTC is at $74k, but volatility remains the main topic of the day. When the cryptocurrency market moves like this, related companies suffer more. Ark is clearly betting that this drop is temporary and that the cryptocurrency exchange will recover. An interesting buying pattern we’re seeing here.