Well-known investor Cathie Wood has been a dip buyer of cryptocurrency stocks.
Wood’s asset management firm, ARK Invest, bought $72 million U.S. worth of crypto stocks across its various funds as the price of Bitcoin (BTC) fell below $75,000 U.S.
The purchases include shares of crypto exchanges Robinhood Markets (HOOD) and Coinbase Global (COIN), as well as stablecoin issuer Circle Internet Group (CRCL).
Ark Invest also bought shares of serial Ethereum (ETH) acquirer Bitmine Immersion Technologies (BMNR), and crypto payments company Block (XYZ).
The shares were added across Ark Invest’s exchange-traded funds (ETFs) such as ARKF, ARKK, and ARKW, according to the company’s latest regulatory disclosure.
The biggest purchase by Ark Invest in recent days has been $32.7 million U.S. of Robinhood’s stock and $9.4 million U.S. in shares of Circle.
The purchases align with Ark Invest’s stated goal of buying into weakness and taking advantage of volatility in cryptocurrency markets.
In January, the firm bought $21.5 million U.S. of crypto stocks, led by shares of Coinbase Global and Circle, as Bitcoin’s price fell below $90,000 U.S.
Wood herself has argued that Bitcoin can be a “good source of diversification” for investors in times of market turmoil.
Ark Invest is a privately held company and its stock doesn’t trade on a public exchange. Bitcoin’s price is down 16% over the past 12 months and currently trading at $78,300 U.S.