ARK Invest Adds Coinbase, Circle, Robinhood, Bullish After Rout

Cathie Wood's ARK Invest bought shares in Coinbase, Circle, Bullish and Robinhood on June 25 after all four crypto-linked stocks fell, the firm's daily trade disclosures show.

ARK added 35,023 Robinhood shares, 9,014 Coinbase shares, 9,264 Circle shares and 9,136 Bullish shares. The total value was about $5.4 million, with the largest chunk going to Robinhood at roughly $3.3 million through the ARK Innovation ETF.

Coinbase closed down 5% to $142.52 that day. Robinhood fell 3.85% to $93.47, Circle slipped 3% to $68.81, and Bullish dropped 6.77% to $21.88. The purchases fit ARK's history of buying crypto-exposed equities during pullbacks. Wood has maintained a long-term bitcoin target of $1.5 million.

Earlier in June, ARK sold about $29 million of Robinhood shares while adding to Coinbase, the filings show. The June 25 session reversed part of that shift, with ARK buying Robinhood again.

Circle has been a recurring target for the firm. ARK was among the backers when Circle's stock climbed after the company unveiled a token sale for its new Arc blockchain, a raise that also included Blackrock, Apollo and a16z. Bullish, which went public this year, has also featured in ARK's buying, with the firm adding shares during earlier rallies.

The four stocks give ARK exposure to different parts of crypto markets. Coinbase is the largest U.S. exchange. Robinhood has expanded into digital assets, Circle runs the USDC stablecoin, and Bullish operates an institutional trading venue. Buying all four on the same down day amounts to a bet that the sector's selloff is temporary.

The purchases came during a broader crypto downturn that has pressured both tokens and equities tied to them. Bitcoin slid toward $58,000 in the same window. The token's drop weighed on crypto-linked stocks. For a manager with a $1.5 million bitcoin call, weakness in the underlying market reads as a discount.