Cathie Wood's Ark Invest bought shares of Coinbase, Circle and Robinhood on November 2, even as all three stocks ended the session lower. The investment manager also reduced its holdings in Bullish, according to daily trading disclosures covering its exchange-traded funds. These disclosures are published each trading day and provide a public record of how the firm's ETFs are positioned across crypto-linked equities.

Ark Invest Adds Three Crypto-Linked Stocks

The firm purchased 24,790 Coinbase shares worth about $3.4 million through its ARKK, ARKW and ARKF funds. Coinbase, the largest US cryptocurrency exchange, fell 3.98% to close at $137.83.

Ark also acquired 35,657 Circle shares, valued at roughly $2.6 million, as Circle slipped 0.63%. In a separate transaction, the firm bought 7,703 Robinhood shares for approximately $645,820 through ARKF; Robinhood shares lost 1.35% during Monday's session.

On the sell side, Ark divested 104,172 Bullish shares worth around $2.3 million. Bullish dropped 5.69% to $22.54, and the reported sale followed several other reductions in the firm's Bullish position over recent trading sessions.

The blend of same-day additions and a further Bullish reduction shows Ark adjusting weight among crypto-linked equities during an earnings stretch that has produced uneven results across the sector.

Coinbase Earnings Form the Backdrop

The transactions followed Coinbase's third-quarter earnings report, published on October 29. Net income climbed 66% from a year earlier to $719 million, while revenue reached $1.22 billion, down 35% annually and almost unchanged from the second quarter.

Coinbase recorded roughly $715 million in gains on its cryptocurrency investments, and its adjusted net income stood at about $78 million.

Adding to the pressure, Morgan Stanley cut its Coinbase rating to Underweight from Equal-Weight on Monday, lowering its price target to $120 from $258 and citing weaker trading activity. Meanwhile, prediction markets passed $200 million in annualized revenue, up from about $100 million the previous quarter.

Robinhood Expands Beyond Crypto Trading

Robinhood, the retail investing platform, reported third-quarter revenue of $1.424 billion, a 12% increase from the previous year. Its cryptocurrency revenue reached $120 million, marking a 55% annual decline, while revenue from event contracts surged more than sixfold to $173 million.

Separately, Robinhood and Ripple announced plans to introduce the RLUSD stablecoin to retail customers before year-end. The companies also outlined wider settlement and treasury services, though an exact launch date has not been announced.

Circle and Bullish Earnings on the Calendar

Circle, the issuer of the USDC stablecoin, is scheduled to release its third-quarter results on November 4. Based on TradingView estimates, analysts expect $788.17 million in revenue and earnings of $0.37 per share. Last week, Mizuho lowered its Circle price target to $43 from $45 and maintained its Underperform rating.

Bullish, which operates a cryptocurrency exchange, plans to publish its third-quarter earnings on November 18. Its previous quarterly report showed adjusted revenue of $92.6 million, up 62% from a year earlier. Ark's subsequent daily disclosures, together with those two reports, will provide the next data points on how crypto-linked firms are performing as the year winds down.