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On Monday, Cathie Wood-led Ark Invest executed significant trades, notably acquiring shares in CoreWeave Inc. (NASDAQ:CRWV), ARK 21Shares Bitcoin ETF (BTS: ARKB), Bullish (NYSE:BLSH), and Kodiak AI Inc. (NASDAQ:KDK). These trades reflect Ark’s strategic positioning in emerging technologies and digital assets.
Ark Invest’s flagship fund, ARK Innovation ETF (BATS:ARKK) and ARK Next Generation Internet ETF (BATS:ARKW), made a substantial purchase of 437,345 shares in CoreWeave on Monday. This acquisition, valued at approximately $32.2 million, aligns with CoreWeave’s recent market momentum.
The company’s stock recently surged following Nvidia Corp.’s impressive earnings report, which sparked a rally in AI-related stocks. CoreWeave, known for its cloud infrastructure tailored for AI workloads, is benefiting from the heightened interest in AI technologies.
ARK Blockchain And Fintech Innovation ETF (BATS:ARKF) and ARKW funds collectively acquired 36,638 shares of ARK 21Shares Bitcoin ETF (BTS: ARKB) on the same day. The total transaction, worth around $1.08 million, comes amid a turbulent period for the cryptocurrency market.
ARKB is an exchange-traded fund that allows investors to gain exposure to Bitcoin (CRYPTO: BTC) prices without having to purchase the cryptocurrency themselves.
Bitcoin slid to around $87,000 as fear in crypto markets hit levels not seen since late 2022, with sentiment indexes dropping into extreme-panic territory. The apex cryptocurrency has fallen about 30% from its October peak near $126,000, pulling total crypto market cap down to roughly $2.9 trillion amid broad, market-wide selling.
ARKK acquired 13,402 shares of Bullish (NYSE:BLSH), valued at approximately $556,183. This purchase comes after Bullish reported its third-quarter earnings last week.
The Peter Thiel-backed cryptocurrency exchange reported revenue of $76.5 million, surpassing estimates, and adjusted earnings of $0.10 per share, in line with forecasts. Digital asset sales fell to $41.6 billion from $54.2 billion a year earlier, while adjusted transaction revenue declined to $26.7 million. Bullish launched crypto options with 14 trading partners, saw strong liquidity growth, and guided fourth-quarter subscription and services revenue of $47–53 million.
Notably, Ark has been consistently purchasing Bullish stock through November, especially around the earnings release.
Ark Invest’s ARKQ fund purchased 35,329 shares of Kodiak AI, totaling approximately $215,507.
Kodiak, an autonomous trucking firm, went public via a SPAC merger in April, a move supported by Ark Invest and other prominent investors like George Soros. Kodiak secured over $110 million in financing from new and existing institutional investors, including Soros Fund Management, ARK Investments, and Ares, alongside roughly $551 million held in trust to support the transaction.
This strategic investment positions Ark to capitalize on the burgeoning autonomous vehicle market, estimated to be worth $4 trillion.
Benzinga Edge Stock Rankings indicate that CoreWeave stock has a Value in the 7th percentile. Here is how the stock measures up on other metrics.
Photo: ChrisStock82 / Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
