ARK's $43.5M Dip-Buy Spree: Wood Wobbles at Coinbase, Circle, Robinhood — and Bulls🐂

Cathie Wood's ARK Invest spent roughly $43.5 million over three trading days adding shares of crypto-linked firms while those stocks slid, disclosures from the asset manager show. Since Thursday, ARK purchased 122,544 Coinbase ($COIN) shares valued at about $18.6 million and 169,777 Circle Internet Group ($CRCL) shares worth roughly $12.9 million. The firm also acquired about $5.2 million of Bullish ($BLSH), $5.12 million of Robinhood ($HOOD), and $1.69 million of SoFi Technologies ($SOFI) on Monday, with the bulk of the new positions flowing into the flagship ARK Innovation ETF ($ARKK).

The buys came as crypto-related equities and the broader crypto market turned lower. $CRCL, $COIN and $BLSH have fallen 27.6%, 16.9% and 26.3%, respectively, over the past month. During that stretch, Bitcoin ($BTC) slipped to a near two-year low of $58,190, and confidence that the CLARITY Act will pass before the US midterm elections in November has faded.

On Thursday's session alone, $COIN closed at $142.52, down 5.06%, $HOOD fell 3.83% to $93.47, $CRCL slipped 3.06% to $68.81, and $BLSH dropped 6.77% to $21.88. $ARKK bought 35,023 $HOOD shares (about $3.27 million at that close) and a combined 9,014 $COIN shares across $ARKK, the ARK Next Generation Internet ETF ($ARKW) and the ARK Fintech Innovation ETF ($ARKF), valued at roughly $1.28 million. Separately, ARK disclosed roughly $25.54 million in purchases across the same names plus SpaceX ($SPCX) based on Friday's closing prices: 68,366 $COIN shares ($10.19 million, $149.06 close), 45,728 $SPCX shares ($7.01 million, $153.23), 78,756 $CRCL shares ($5.79 million, $73.57), 57,511 $BLSH shares ($1.34 million, $23.29) and 12,269 $HOOD shares ($1.21 million, $98.69).

ARK also topped up positions in SpaceX and software firm Palantir ($PLTR) over the three sessions, while trimming holdings in Alibaba ($BABA), Roku ($ROKU), Strata Critical Medical ($SRTA) and several other companies. The disclosures were flagged by the Ark Invest Tracker account on social media on June 26, with the purchases spanning $ARKK, $ARKW, $ARKF, ARK Autonomous Technology & Robotics ETF ($ARKQ) and ARK Space & Defense ETF ($ARKX).