Cathie Wood's Ark Invest Resumes Buying Crypto Stocks After A Week-Long Pause

• Ark Invest bought shares of Circle, Coinbase, Bullish, and Robinhood across three ETFs on Friday, marking a return to crypto-linked equities.
• ARKK led the purchases, adding about 57,600 Circle shares, 50,000 Coinbase shares, and 42,100 Bullish shares, according to trade disclosures.
• The buying came a week after Ark's last crypto-stock additions and followed a recent stretch of net selling in the sector.

Cathie Wood's Ark Invest stepped back into crypto-linked equities on Friday, buying shares of Circle (CRCL), Coinbase (COIN), and Bullish (BLSH) across three of its exchange-traded funds (ETFs).

According to the company’s trade disclosures, the buying spanned the flagship ARK Innovation ETF (ARKK), the ARK Fintech Innovation ETF (ARKF), and the ARK Next Generation Internet ETF (ARKW). 

ARKK accounted for the largest share of the activity, picking up about 57,600 shares of stablecoin issuer Circle, roughly 50,000 shares of crypto exchange Coinbase, and about 42,100 shares of crypto exchange Bullish. The fund also added approximately 12,300 shares of Robinhood (HOOD), a brokerage that derives part of its revenue from crypto trading.

The latest purchases came roughly a week after Ark last added crypto-related stocks, when the firm bought Coinbase across two of its ETFs last week. 

The renewed buying also played out over two consecutive sessions. Ark made smaller crypto purchases on Thursday, adding Coinbase, Circle, and Bullish across its ARKK, ARKF, and ARKW funds, along with about 35,000 shares of Robinhood, before scaling up the additions sharply on Friday. 

The buying also reached beyond crypto, with Ark adding Recursion Pharmaceuticals (RXRX), Palantir (PLTR), and SpaceX (SPCX).

Reversing A Recent Selling Trend

The purchases marked a reversal from Ark's recent activity in crypto-related stocks. On June 15, the firm was a net seller across its funds and did not record any crypto-related purchases, instead trimming positions including Bitmine Immersion Technologies (BMNR) from ARKK.

Even as it increased crypto exposure, Ark continued adjusting other parts of its portfolio. The firm sold out of positions including Alibaba Group Holding (BABA) and Roku (ROKU) across multiple ETFs during the same trading session.

Coinbase was the largest of the crypto purchases by trade size. It remains one of ARKK's bigger positions at roughly 3.9% of the fund, according to ARKK’s holdings file.

ARKK’s price closed up over 2% on Friday, the day of the purchases. On Stocktwits, the retail sentiment around ARKK remained in the ‘bearish’ zone, while chatter around it shifted to ‘normal’ from ‘high’ levels over the past day.

COIN stock closed up over 4% during the past 24 hours. On Stocktwits, the retail sentiment around COIN remained in the ‘bearish’ zone, as chatter around it stayed in the ‘high’ levels over the past day.

Read also: After Bitcoin's Collapse, The Average IBIT Investor Has Swung From A 30% Gain To A 40% Loss, Analyst Says

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