ARK Goes Bargain-Hunting: Wood's Cart Now $75M Heavier in COIN, CRCL & BLSH 🛒

Cathie Wood's ARK Invest deployed more than $75 million into cryptocurrency-linked equities during June, capitalizing on a sharp sell-off that pushed Bitcoin (BTC) to a near two-year low of $58,190 and dragged crypto-related stocks to multi-month lows. According to emailed trade disclosures, the St. Petersburg, Florida-based asset manager purchased roughly $44 million worth of Coinbase (COIN) shares, $25.25 million worth of Circle Internet (CRCL) equity, and $8.2 million worth of crypto exchange Bullish (BLSH), the parent company of CoinDesk, based on closing prices on the days the trades were executed.

The buying was spread across multiple ARK funds, including the flagship ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), the ARK Fintech Innovation ETF (ARKF) and the ARK Blockchain & Fintech Innovation ETF, with most of the new allocations flowing into ARKK. On June 25 alone, ARK bought 35,023 shares of Robinhood (HOOD) worth about $3.27 million through ARKK and added 9,014 shares of Coinbase valued at roughly $1.28 million via ARKK, ARKW and ARKF. The next day, ARK acquired 68,366 Coinbase shares for about $10.19 million at a closing price of $149.06, 78,756 Circle shares for about $5.79 million at $73.57, 57,511 Bullish shares for about $1.34 million at $23.29, 12,269 Robinhood shares for about $1.21 million at $98.69, and 45,728 shares of SpaceX valued at roughly $7.01 million at $153.23, bringing that session's total to about $25.54 million.

ARK continued adding into early this week. The firm purchased another 122,544 Coinbase shares worth about $18.6 million, 169,777 Circle shares worth roughly $12.9 million, nearly $5.2 million worth of Bullish, $5.12 million worth of Robinhood and $1.69 million worth of SoFi Technologies (SOFI). Over the same three-day stretch ARK increased positions in SpaceX and Palantir (PLTR) while trimming exposure to Alibaba (BABA), Roku (ROKU), Strata Critical Medical (SRTA) and several other names.

The June backdrop was punishing for the sector. Circle shares fell 40% over the month to end at $62.63, an 18% drop on June 30 alone following the debut of rival stablecoin Open USD, which is backed by more than 140 companies including Coinbase, Stripe, Visa, Mastercard and BlackRock. Coinbase ended June just under 20% lower at $146.19, while Bullish fell 27% to $23.43. Bitcoin recorded its worst month in four years as confidence that the CLARITY Act will pass before the U.S. midterm elections in November faded, conditions ARK has historically treated as an entry point rather than a warning.