ARK Invest buys $10 million in bullish stocks amid cryptocurrency selloff

As cryptocurrency-related stocks plummeted, ARK Invest, led by Cathie Wood, bought a large amount of shares in the cryptocurrency exchange Bullish,
On the 17th local time, ARK Invest acquired shares worth a total of $10.2 million just as Bullish shares fell to another all-time low. ARK's daily
According to trading disclosures, the ARK Innovation ETF (ARKK) bought 191,195 shares of Bullish, while ARKW added 56,660 shares and ARKF added 29,208 shares.
Bullish (BLSH) shares fell 4.5% on the day to close at $36.75, continuing a bearish trend that has continued over the past few months. The stock has fallen about 46% during this period.
The purchase comes just a day before Bullish's third-quarter earnings announcement, scheduled for the 19th.
Thiel-backed Bullish reported adjusted revenue of $57 million in the second quarter, down from the same period last year, but net income of $180 million.
The company turned a profit of $300,000 (compared to a loss of $116.4 million last year). The recent market crash has caused the stock prices of cryptocurrency-related companies to fall sharply across the board, especially mining and infrastructure companies.
Marathon Digital (MARA) was hit hard, falling 4% on Monday. Riot Platforms
Platforms (RIOT) and CleanSpark (CLSK) also ended weakly.
Strategy, led by Ethereum's Ethereum Group, also fell 2% on the day, bringing its decline to more than 18% over the past five trading days. Circle, a stablecoin issuer that went public this year, is also down 2%.
Circle (CRCL) also fell more than 6%, bringing its total to more than 26% over the same period. Coinbase (COIN), the largest cryptocurrency exchange in the United States, was no exception, dropping 7% on the same day.
The stock closed down 10.5% at $263.95, reflecting a sell-off in risk assets generally.