There’s blood on the crypto streets, and Cathie Wood has decided to buy.
Cathie Wood’s ARK Invest (Nasdaq: ARKK) bought $59 million in crypto-related stocks on December 15, doubling down on its “buy the dip” approach as market sentiment weakened.
According to ARK’s daily trade disclosures, the company added heavily to crypto-linked equities during a multi-day downturn.
The firm acquired significant positions in crypto-related equities during a period of intraday declines.
ARK Investment’s recent key purchases
| Company (Ticker) | Purchase Amount | Intraday Performance |
| Coinbase Global Inc. (Nasdaq: COIN) | $16.3 Million | Fell by over 6% |
| Bitmine Immersion Tech. Inc. (Nasdaq: BMNR) | $17 Million | Fell by more than 11% |
| Circle Internet Group Inc. (Nasdaq: CRCL) | $10.8 Million | Dropped nearly 10% |
| CoreWeave Inc. (Nasdaq: CRWV) | $9.9 Million | Slid close to 8% |
| Bullish Inc. (Nasdaq: BLSH) | $5.2 Million | Extended a multi-day decline |
ARK’s moves were not isolated trades but part of a broader accumulation trend.
Crypto-related stocks now make up more than $1.5 billion of the firm’s $6.7 billion portfolio.
As of mid-December, ARK’s most prominent positions in this sector include approximately $609 million in Coinbase (NASDAQ: COIN), $323 million in Circle (NYSE: CRCLE), $275 million in Bitmine (NYSE: BMNR), $194 million in Bullish (NYSE: BLSH), and about $140 million in CoreWeave (NASDAQ: CRWV).
However, the fundamentals of key holdings vary widely.
For instance, Coinbase reported a 55% increase in third-quarter 2025 revenue, reaching $1.9 billion, with its net income rising fivefold to $433 million.
In contrast, CoreWeave’s revenue more than doubled to $1.36 billion from $583.9 million a year prior.
However, CoreWeave faces challenges related to its aggressive, debt-fueled expansion, which has led to an accumulated debt of over $14 billion.
Earlier this month, this strategy continued as the company undertook a $2 billion convertible bond offering—a move that inadvertently pushed its stock price lower.
Assessing ARK’s Shifting Fortunes
ARK Investment Management, founded by Cathie Wood, rose to prominence during the 2020 pandemic, but its performance has since shifted.
The firm’s assets under management (AUM) have fallen significantly. Specifically, after peaking near $59 billion in early 2021, they now stand at $7.7 billion as of December 17, as the company’s ETFs have faced billions in withdrawals each year.
ARK’s strategy has also drawn criticism. It concentrates heavily on a small number of stocks and employs a “buy the dip” approach. Furthermore, the firm exited its position in Nvidia before the stock’s major AI-driven rally.
