Cathie Wood’s ARK Invest is buying Coinbase and Circle shares as crypto stocks fall, while cutting its stake in crypto exchange operator Bullish. ARK purchased crypto exchange Coinbase (COIN)
Cathie Wood’s ARK Invest is buying Coinbase and Circle shares as crypto stocks fall, while cutting its stake in crypto exchange operator Bullish.
ARK purchased crypto exchange Coinbase (COIN) shares worth an estimated $9 million and stablecoin issuer Circle (CRCL) shares worth $8 million on Friday and Monday, according to its daily trade disclosures and closing prices from Yahoo Finance.
The purchases totaled 64,208 Coinbase shares and 110,551 Circle shares across three of ARK’s exchange-traded funds (ETFs), which also sold 342,545 shares of Bullish (BLSH) worth approximately $8 million.
All three stocks closed lower on Monday. Coinbase fell 3.98% to $137.83, Circle slipped 0.63% to $72.08 and Bullish dropped 5.7% to $22.54.
ARK also bought around $646,000 in Robinhood shares on Monday. The stock fell 1.4% to $83.80, according to Yahoo Finance.
Circle ranked among the top five holdings in three ARK ETFs as of Tuesday, accounting for $270.3 million (4.6%) of ARKK, $71.4 million (4.4%) of ARKW and $42.6 million (5.9%) in ARKF, according to ARK’s holdings disclosures.
Related: Coinbase leads crypto stock selloff following $6.3B Binance hack
