Crypto stocks plunged on Monday, with Coinbase, Marathon Digital, Riot, CleanSpark, Circle and Strategy all sliding sharply.
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Cathie Wood’s ARK Invest ramped up its exposure to crypto exchange Bullish on Monday, buying $10.2 million worth of shares as its stock slid to a fresh record low during a brutal downturn for publicly traded crypto firms.
According to ARK’s daily trade disclosure, the ARK Innovation ETF (ARKK) added 191,195 Bullish shares, while ARKW bought 56,660. The ARKF fund also picked up 29,208 shares.
The move comes as Bullish (BLSH) tumbled 4.5% to $36.75 on Monday, extending a months-long slide that has pushed the stock down nearly 46% over the past six months.
The buying also comes just one day ahead of Bullish’s third-quarter earnings report, which is on Wednesday. The exchange, backed by Peter Thiel, during Q2, down from $67 million a year prior, though it swung to a net income of $108.3 million compared to a $116.4 million loss last year.
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Crypto stocks sink amid market crash
Crypto-linked equities have faced a sharp pullback amid the recent market crash. Mining giants and infrastructure firms have been hit especially hard. Marathon Digital (MARA) dropped 4% on Monday and has struggled to regain momentum after a steady decline throughout the past week. Riot Platforms (RIOT) and CleanSpark (CLSK) also finished in the red.
Michael Saylor-led Bitcoin treasury company Strategy dropped 2% yesterday and has fallen more than 18% over the past five trading sessions.
Stablecoin issuer Circle (CRCL), which , also ended the day down by more than 6%. The company is down more than 26% over the past five trading days.
Coinbase, the largest US crypto exchange, was not spared. COIN closed down 7% at $263.95 after sliding steadily throughout the session, reflecting broader selling across risk assets.
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Bitcoin nearing a bottom, say Tom Lee and Matt Hougan
Bitcoin () may be as soon as this week, according to BitMine chairman Tom Lee and Bitwise chief information officer Matt Hougan.
Lee cited lingering anxiety from the Oct. 10 liquidation wave and uncertainty over whether the Federal Reserve will cut rates in December as the reason behind the market rout. He said technical signals point to exhaustion in the sell-off, referencing insights from Tom Demar of Demar Analytics.
Hougan echoed the view, calling the current price range a “generational opportunity” for long-term investors. He attributed the downturn to ETF outflows, whale selling, geopolitical tension, nervousness around AI valuations and concerns tied to President Trump’s tariff policies.
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