Cathie Wood’s ARK Invest doubled down on crypto-linked equities, scooping up shares of Bullish and Robinhood amid a broad sector sell-off.

According to Tuesday’s trade notifications, ARK Invest’s flagship ARK Innovation ETF (ARKK) purchased 356,346 shares of Bullish, valued at about $21.2 million, and 150,908 shares of Robinhood Markets, worth $16.2 million.

Last week, ARK Invest went big on Bullish, acquiring 2.53 million shares, worth $172 million, across three ETFs after the crypto exchange’s debut on the New York Stock Exchange.

ARK Invest has also been on a Robinhood buying streak, adding shares for three consecutive sessions. The firm bought $14 million worth on Monday and $9 million on Friday.

The buyback came as ARK Invest dumped multiple batches of Robinhood shares last year to comply with Rule 12d3-1, which bars ETFs from holding more than 5% of their assets in securities tied to registered brokers or advisers.

Related: Strategy buys 21K Bitcoin with 2025’s biggest public offering

Crypto stocks drop

Both Bullish and Robinhood stocks sank on Tuesday. Bullish closed down 6.09% at $59.51 and slid another 3.24% in after-hours trading, while Robinhood fell 6.54% to $107.50 and shed an additional 1.23% post-market.

The sell-off wasn’t isolated. Crypto-exposed equities were broadly in the red, with Coinbase down 5.82%, Galaxy Digital off 10.06%, Strategy dropping 7.43%, and Circle slipping 4.49%. The Nasdaq Composite also fell 1.46%, signaling wider market jitters.

According to CNBC, investors pulled back from crypto stocks after their boost last week amid rate-cut optimism. Attention now shifts to the US Federal Reserve’s Jackson Hole symposium, where hints of dovish policy from Chair Jerome Powell could trigger a rebound.

Related: CoinDesk owner Bullish ups IPO goal to $1B as Wall Street backs crypto push

Bullish raises $1.1 billion

Last week, Bullish, which operates a cryptocurrency exchange and owns CoinDesk, priced its IPO above earlier expectations of $32–$33 per share, raising $1.1 billion through the sale of 30 million shares.

The Cayman Islands-based company ended its first trading session up 83.8% from its IPO price of $37. Shares jumped another 11.2% in after-hours trading. The surge came as the stock opened at $90 and hit an intraday high of $118, more than 215% above the IPO price, before falling back.

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