ARK buys $17M of Coinbase and Circle, dumps Bullish as crypto stocks sink
Cathie Wood's ARK Invest snapped up about $9M of Coinbase and $8M of Circle shares across three ETFs, then sold roughly $8M of Bullish stock. The buys landed on a brutal Monday for crypto equities, with Coinbase leading a selloff tied to a $6.3B Binance hack.
Cathie Wood's ARK Invest went shopping while the crypto trade bled. The firm picked up roughly $9 million of Coinbase stock and about $8 million of Circle shares on Friday and Monday, per its daily trade disclosures and Yahoo Finance closing prices. That's 64,208 COIN shares and 110,551 CRCL shares spread across three ARK ETFs.
One name went the other way. ARK dumped 342,545 shares of Bullish, the crypto exchange operator, worth about $8 million. It also grabbed roughly $646,000 of Robinhood stock on Monday.
Timing stings. All of it landed on a red Monday: Coinbase slid 3.98% to $137.83, Circle dipped 0.63% to $72.08, Bullish dropped 5.7% to $22.54, and Robinhood fell 1.4% to $83.80. Coinbase led a broad selloff in crypto stocks after a $6.3 billion Binance hack, according to ct.com.
Wood clearly likes the stablecoin side of the trade. Circle sits in the top five holdings of three ARK funds as of Tuesday: $270.3 million in ARKK (4.6%), $71.4 million in ARKW (4.4%) and $42.6 million in ARKF (5.9%), per ARK's holdings disclosures.
So the message from ARK's trading desk is simple: buy the dip in exchanges and stablecoins, trim the smaller exchange play, and keep a toe in retail brokerage. Whether that conviction pays off depends on how fast crypto stocks shake off the hack fallout.
TopicsARK Invest · Cathie Wood · Coinbase · Circle · Bullish · Robinhood · Binance · ARKK
Source: ct.com
Written by Paparazzi with AI. Not financial advice.
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