Crypto Stocks Crash — Cathie Wood Doubles Down on Bullish and Robinhood
TradingKey – Despite a sharp sell-off in crypto-related equities, Cathie Wood is defying market sentiment by increasing her positions in Robinhood (HOOD) and Bullish (BLSH) through her firm Ark Invest.
On Wednesday, August 20, U.S. pre-market trading saw a modest rebound in most crypto stocks:
- Bakkt (BKKT) rose nearly 4%
- BitMine (BMNR) and SharpLink Gaming (SBET) gained over 2%
- Strategy (MSTR) and Coinbase (COIN) also posted slight gains
However, Robinhood and Bullish continued to slide, each down nearly 1%, extending losses from the previous day.
Tuesday’s Sell-Off
On August 19, crypto stocks plunged across the board:
- Nano Labs (NA) dropped over 15%
- BTCS fell 13%
- GameSquare (GAME), Hut 8 Mining (HUT), and BitMine each declined around 10%
- Robinhood and Bullish both sank more than 6%
The downturn was driven by continued weakness in Bitcoin and Ethereum, along with macroeconomic uncertainty ahead of the Jackson Hole Symposium.
Cathie Wood Buys the Dip
According to Ark Invest Daily, Cathie Wood’s firm purchased:
- 356,346 shares of Bullish, worth approximately $21.2 million
- 150,908 shares of Robinhood, valued at $16.2 million
This marks the third consecutive trading day Ark Invest has added to its Robinhood position, with cumulative purchases totaling 270,000 shares worth over $30 million.
Ark also made a bold move on August 13, the day Bullish went public, acquiring 2.53 million shares valued at $172 million across three ETFs.
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