On November 21, 2025, Cathie Wood’s ARK Invest doubled down on crypto and AI, pouring tens of millions into Circle, Bullish, BitMine, Coinbase and Nvidia while trimming AMD — even as Bitcoin suffers its worst month since the 2022 crypto winter.
ARK’s Big Move: Buying the Crypto Dip While Rotating Its Tech Bets
On November 21, 2025, new disclosures show Cathie Wood’s ARK Invest has spent the week aggressively buying the dip in crypto-linked stocks and rotating within big tech, shifting money out of AMD and deeper into Nvidia and newly public crypto infrastructure names like Circle Internet Group, Bullish and BitMine Immersion Technologies. [1]
The timing is bold. Crypto markets are under severe pressure: Bitcoin has fallen below $85,000, with nearly $2 billion in leveraged positions wiped out in the past 24 hours, marking its worst monthly decline since the 2022 “crypto winter.” [2]
Against that backdrop, ARK is leaning into the sell‑off, deploying roughly $80 million into crypto equities over Wednesday and Thursday alone, plus a fresh multi‑million dollar bet on Nvidia on the tech side of the portfolio. [3]
Two Massive Buying Days: Around $78 Million Poured Into Crypto Stocks
Wednesday: ~$39.6 Million into Circle, Bullish and BitMine
According to trade disclosures summarized by CoinDesk and CoinMarketCap Academy, ARK Invest spent about $39.6 million on three crypto‑related stocks on Wednesday, November 19: [4]
- Bullish (BLSH) – ~463,000 shares, valued around $16.9–17.5 million
- Circle Internet Group (CRCL) – ~216,000 shares, roughly $15–17.7 million
- BitMine Immersion Technologies (BMNR) – ~260,000 shares, about $7.6 million
All three names were deep in the red that day: Circle and BitMine fell around 9%, while Bullish slid more than 3%, even as ARK was buying. [5]
Thursday: Another $38.7 Million into Crypto Equities
On Thursday, ARK kept going, adding another $38.7 million in crypto equities, this time including Coinbase (COIN) alongside the same trio. [6]
CoinDesk’s breakdown for Thursday’s trades shows: [7]
- Coinbase (COIN) – 42,419 shares, about $10.1 million
- BitMine (BMNR) – 380,244 shares, just under $10 million
- Bullish (BLSH) – 264,534 shares, roughly $9.7 million
- Circle (CRCL) – 134,650 shares, close to $9 million
So in just 48 hours, ARK directed roughly $78 million into four crypto‑related equities, even as the CoinDesk 20 Index of major crypto assets fell more than 4–5% and broader crypto indexes retreated toward April lows. [8]
The Block’s Numbers: Adding Nvidia and Robinhood
A summary of The Block’s reporting shows that when you include ARK’s purchases of Nvidia (NVDA) and Robinhood (HOOD) on Thursday, the total single‑day outlay across those six names tops $60 million: [9]
- COIN – ~$10.1M
- BMNR – ~$9.9M
- CRCL – ~$9.0M
- BLSH – ~$9.65M
- NVDA – ~$16.8M
- HOOD – ~$6.8M
In other words, while markets are panicking, ARK is pairing a crypto‑equity buying spree with a renewed bet on Nvidia and a fintech platform ARK already knows well (Robinhood).
Why Circle, Bullish and BitMine Are at the Center of the Bet
From Hot IPOs to 70%+ Drawdowns
A detailed piece from Barron’s highlights how Circle Internet Group and Bullish went from blockbuster IPOs to bruised growth stories: [10]
- Circle (CRCL)
- IPO price: $31
- Peak: about $263 in June
- Recent low: roughly $69.72, a drop of around 74% from the peak
- Bullish (BLSH)
- Surged 80% on its August debut
- Now trades below its $37 offering price, with recent closes around $36–37
Despite that brutal reset, ARK has been steadily buying both stocks, including over 460,000 Bullish shares and more than 215,000 Circle shares in Wednesday’s activity alone according to Barron’s and trade files. [11]
Fundamentals Still Growing Beneath the Volatility
CoinMarketCap’s recap of ARK’s trades underscores why these names may fit Wood’s playbook of “disruptive innovation at a discount”: [12]
- Circle, issuer of the USDC stablecoin, reported Q3 net income of about $214 million, up roughly 202% year‑on‑year, even as the stock fell nearly 9% on the day ARK was buying.
- Bullish, a Peter Thiel‑backed crypto exchange, swung from a $67.3 million loss a year ago to around $18.5 million in Q3 net profit, though its trading volumes fell and the stock slid more than 3% during ARK’s Wednesday buying.
- BitMine Immersion Technologies – which focuses on Ethereum‑oriented treasury and infrastructure – dropped close to 9–10%, to the high‑$20s per share, yet still attracted over 260,000 shares of fresh ARK demand.
The pattern is clear: steep price declines + improving fundamentals appear to be exactly what ARK is targeting.
Buying Crypto While Crypto Melts Down
The audacity of ARK’s move is easier to see in the context of today’s macro and crypto backdrop.
On November 21, 2025:
- Bitcoin briefly touched around $81,600 before stabilizing in the low $80,000s, putting it on track for its worst monthly drawdown since 2022. [13]
- Coindesk reports nearly $2 billion of leveraged positions liquidated in 24 hours, with about $964 million tied to Bitcoin and over $400 million to Ether. [14]
- The Crypto Fear & Greed Index has plunged to “extreme fear” (around 11) — levels last seen during the late‑2022 capitulation. [15]
- U.S.-listed spot Bitcoin ETFs saw over $900 million in net outflows in a single day, their second‑worst session since launch. [16]
In other words, retail and ETF flows are bailing, volatility is surging, and liquidity is thin — yet ARK is adding aggressively to crypto infrastructure stocks that are tightly correlated with Bitcoin’s fate.
That’s textbook ARK: buying when others are forced sellers. Whether it proves prescient or premature will depend heavily on how and when this crypto drawdown stabilizes.
Tech Side: Dumping AMD, Leaning Back Into Nvidia and “New Tech Winners”
The other half of this story plays out in semiconductors and growth tech.
Cutting AMD Exposure
GuruFocus’ analysis of ARK’s Wednesday trades, originally tied to a Yahoo Finance headline, shows ARK continued to trim its position in Advanced Micro Devices (AMD): [17]
- ARK’s funds sold just over 72,000 AMD shares on Wednesday, worth roughly $16.6 million
- Additional AMD trimming occurred across ARKK, ARKW and ARKF on Thursday, with the combined Thursday sales worth around $2.9 million, according to Stocktwits’ coverage. [18]
Even after these sales, AMD remains one of ARKK’s larger holdings, but capital is clearly being reallocated toward other themes.
Reloading Nvidia After Months on the Sidelines
On Thursday, ARK’s flagship ARK Innovation ETF (ARKK)bought 93,374 Nvidia (NVDA) shares for about $16.9 million, its first Nvidia purchase since August, according to Stocktwits and ETF data. [19]
Key context from that reporting:
- Nvidia is down roughly 11% in November, as investors fret about an AI bubble and frothy valuations.
- ARK had previously dumped its Nvidia stake in early 2023, preferring smaller AI plays — a move that led to a lot of criticism as NVDA kept rallying.
- Even now, AMD remains ARKK’s 10th‑largest holding (about $259 million) versus Nvidia in the 20‑something range (around $108 million), but the direction of flow has flipped: ARK is selling some AMD into strength and buying Nvidia into weakness. [20]
Taken together with the crypto trades, the Yahoo/GuruFocus “tech winners” framing fits: ARK is repositioning around what it sees as the next wave of AI and crypto infrastructure leaders, even if that means chasing volatility and enduring short‑term pain.
Key Numbers at a Glance (November 21, 2025)
- Crypto Equities Bought (Wed–Thu): ≈ $78 million across Circle, Bullish, BitMine, Coinbase [21]
- Largest Single‑Day Multi‑Asset Outlay (Thu, est.): $60M+ across COIN, BMNR, CRCL, BLSH, NVDA, HOOD [22]
- Circle Stock: down ≈ 74% from June high; Q3 net income ≈ $214M, +202% YoY [23]
- Bullish Stock: below IPO price after formerly +80% debut; Q3 net income ≈ $18.5M vs –$67.3M a year earlier [24]
- Bitcoin: briefly near $81,600, worst monthly decline since 2022; ~$2B in liquidations last 24 hours [25]
What It Means for Investors Watching ARK, Circle, Bullish and Friends
For readers following ARK, crypto stocks, or the AI trade, here are the big takeaways — and some practical considerations.
1. ARK Is Doubling Down on “Picks and Shovels” for Crypto
Rather than buying tokens directly, ARK continues to favor equity plays on crypto infrastructure:
- Circle (stablecoin + payments)
- Bullish (trading venue and exchange operator)
- BitMine (treasury/ETH‑focused infrastructure)
- Coinbase (listed U.S. exchange)
If Wood is right, these businesses could benefit from the next expansion cycle in digital assets — regardless of which coin “wins,” as long as overall volumes, custody and payments keep growing.
Risk: These stocks are still high‑beta proxies for Bitcoin and Ethereum sentiment. If crypto’s downturn deepens, they can fall harder and faster than the coins themselves.
2. The Crypto Buy Is Happening Into “Maximum Fear”
With:
- Extreme fear readings on sentiment gauges,
- Multi‑billion‑dollar liquidations, and
- Record or near‑record ETF outflows,
ARK is effectively fighting both momentum and retail flows, betting that capitulation is closer to the end than the beginning. [26]
That’s classic contrarian behavior — but contrarian does not automatically mean correct, especially in the short term.
3. Tech Rotation: From “Crowded AI” to Relative Value?
By selling some AMD and re‑entering Nvidia after an 11% pullback, ARK appears to be:
- Acknowledging Nvidia may still be a core AI winner, even if it’s expensive.
- Freeing up capital from a high‑flying AMD position that has outperformed Nvidia year‑to‑date. [27]
Alongside smaller adds in Klarna, Shopify, Reddit and other growth names earlier in the week, this points to a broader “major shuffle” in ARK’s tech book, seeking a fresh balance between established AI leaders and newer, beaten‑down platforms. [28]
4. For Individual Investors: Opportunity or Just Higher Volatility?
If you’re considering any of these stocks, a few things to keep in mind:
- Volatility is extreme. Daily moves in double digits (up or down) are becoming routine in both crypto and these related equities.
- Correlation risk is high: Circle, Bullish, BitMine and Coinbase all tend to trade in the same direction as Bitcoin.
- ARK’s style is long‑term and high‑conviction, but it has also produced deep drawdowns in prior cycles — you’d need to be comfortable with that profile.
Nothing here is investment advice, but the data clearly show that Cathie Wood is treating the current drawdown as a once‑again buying opportunity in both crypto infrastructure and high‑growth tech, rather than a time to de‑risk.
Quick FAQ
Why is ARK buying crypto stocks while Bitcoin is crashing?
Trade records and ARK’s history suggest Wood believes the long‑term adoption of crypto and blockchain will outweigh short‑term price cycles. Buying when sentiment is washed out allows ARK to lower its cost basis in high‑conviction names like Circle, Bullish, BitMine and Coinbase. [29]
Is ARK abandoning AMD completely?
No. AMD remains a top‑10 holding in ARKK, but ARK is trimming, not exiting. The shift appears to be a relative value move, redirecting some AMD profits into Nvidia and other tech names that ARK sees as more attractive after recent declines. [30]
How big is ARK’s bet on Circle and Bullish now?
Exact portfolio weights change daily, but between Wednesday and Thursday alone, ARK bought hundreds of thousands of shares in both Circle and Bullish, worth tens of millions of dollars, and has been adding throughout the week. That makes both stocks core positions across ARKK, ARKW and ARKF, according to trade summaries from Barron’s, CoinDesk and GuruFocus. [31]
References
1. www.gurufocus.com, 2. www.coindesk.com, 3. www.coindesk.com, 4. www.coindesk.com, 5. www.coindesk.com, 6. www.coindesk.com, 7. www.coindesk.com, 8. www.coindesk.com, 9. www.todayonchain.com, 10. www.barrons.com, 11. www.barrons.com, 12. coinmarketcap.com, 13. www.coindesk.com, 14. www.coindesk.com, 15. www.coindesk.com, 16. www.coindesk.com, 17. www.gurufocus.com, 18. stocktwits.com, 19. stocktwits.com, 20. stocktwits.com, 21. www.coindesk.com, 22. www.todayonchain.com, 23. www.barrons.com, 24. www.barrons.com, 25. www.coindesk.com, 26. www.coindesk.com, 27. stocktwits.com, 28. www.gurufocus.com, 29. www.coindesk.com, 30. stocktwits.com, 31. www.barrons.com
