Cathie Wood’s firm purchased $10 million in Coinbase and Circle shares amid recent price drops and earnings misses.
Ark Invest acquired $10 million worth of shares in Coinbase Global ($COIN) and Circle Internet Group ($CRCL) over the past week. The purchases included 54,776 Coinbase shares valued at $8 million, following a 14% post-earnings decline, and 23,070 Circle shares worth $1.4 million as the stock fell 4% last week.
Coinbase is now Ark Invest’s sixth-largest holding in its ARKK fund, accounting for 4.2% of the portfolio, or approximately $238 million. Circle, meanwhile, ranks ninth with a $210.5 million position. Both stocks have faced pressure, with Coinbase missing Wall Street earnings targets and Circle seeing analyst downgrades over stablecoin competition concerns.
The moves align with Ark Invest’s strategy of investing in innovative technology firms, particularly in the cryptocurrency sector. Circle recently secured a trust charter license from New York regulators, providing a rare positive development amid its year-to-date 25% decline.