Ark also bought $12 million worth of crypto-friendly investment platform Robinhood and $4 million worth of ether treasury firm Bitmine Immersion Technologies.
What to know:
- Ark Invest added another $18 million worth of crypto-adjacent stocks to its holdings on Thursday.Ark's Bullish purchase extends its run of consecutive days of buying equity in the crypto exchange.The investment company also bought $12 million worth of crypto-friendly trading platform Robinhood and $4 million worth of ether treasury firm Bitmine Immersion Technologies.
Ark Invest added another $18 million worth of crypto-adjacent stocks to its holdings on Thursday, including a $2 million purchase of shares in cryptocurrency exchange Bullish (BLSH).
The St. Petersburg, Florida-based company also bought $12 million worth of crypto-friendly trading platform Robinhood (HOOD) and $4 million worth of etherETH$2,009.92treasury firm Bitmine Immersion Technologies (BMNR), according to an emailed disclosure on Friday.
Ark's investment in Bullish, the parent company of CoinDesk, extends its run of consecutive equity purchases in the crypto exchange to 10 days. Bullish shares fell 0.53% to $31.71 on Thursday.
BLSH shares have lifted from a trough of around $24 on Feb. 5 totrade either side of the $30 mark over the last week. They remain, however, more than 16% lower year-to-date.
HOOD sharesfell 8.9% on Thursday, closing at $71.12as U.S tech stocks sank,taking bitcoinBTC$69,005.21with them.
Bitmine defied the broader marketto rise 1.39% to $19.74.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
What to know:
- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.