ARK Invest Adds $17 Million in Coinbase and Circle Shares While Trimming Bullish Stake
Key Takeaways
- •ARK purchased about $9 million of Coinbase shares and $8 million of Circle shares across two sessions.
- •The firm sold 342,545 Bullish shares for approximately $8 million.
- •Coinbase, Circle and Bullish all closed Monday lower, falling 3.98%, 0.63% and 5.7%, respectively.
- •Circle represented 4.6% of ARKK, 4.4% of ARKW and 5.9% of ARKF as of Tuesday.
- •ARK also bought roughly $646,000 of Robinhood shares on Monday.
Asset management firm ARK Invest, founded and led by Cathie Wood, added roughly $17 million in shares of crypto exchange Coinbase and stablecoin issuer Circle across two trading sessions, while selling about $8 million of its stake in crypto exchange operator Bullish as crypto stocks declined. Because ARK publishes each fund's buys and sells in daily trade disclosures, its positioning in crypto-linked equities is visible to investors after every session.
According to ARK's daily trade disclosures and closing price data from Yahoo Finance, the firm bought an estimated $9 million worth of Coinbase (COIN) shares and $8 million worth of Circle (CRCL) shares on Friday and Monday. The purchases totaled 64,208 Coinbase shares and 110,551 Circle shares, spread across three of ARK's exchange-traded funds (ETFs).
The same funds also sold 342,545 shares of Bullish (BLSH) for approximately $8 million, trimming the firm's position in the exchange operator.
All three stocks finished Monday's session lower, according to Yahoo Finance data. Coinbase fell 3.98% to $137.83, Circle slipped 0.63% to $72.08, and Bullish dropped 5.7% to $22.54.
ARK's purchases were not limited to those names. On Monday, the firm also bought around $646,000 in shares of trading platform Robinhood, according to Yahoo Finance data. Robinhood stock fell 1.4% to $83.80.
Circle, the issuer of the USDC stablecoin, has become a core ARK position: as of Tuesday, it ranked among the top five holdings in three of the firm's ETFs — the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech ETF (ARKF) — according to ARK's holdings disclosures. The stablecoin issuer accounted for $270.3 million, or 4.6%, of ARKK; $71.4 million, or 4.4%, of ARKW; and $42.6 million, or 5.9%, of ARKF. Any further shifts in Circle's weight across the three funds will show up in the firm's regularly updated holdings disclosures.
The trading activity came amid a broader selloff in crypto-related equities; a separate Cointelegraph report said Coinbase led the decline among crypto stocks following a $6.3 billion hack of crypto exchange Binance. Follow-on purchases of Coinbase and Circle — or continued trims to Bullish — would appear in ARK's public trade disclosures after upcoming sessions.
