On Tuesday, Cathie Wood-led Ark Invest executed significant trades, including purchases of Circle Internet Group Inc. (NYSE:CRCL), Coinbase Global Inc. (NASDAQ:COIN), Robinhood Markets Inc. (NASDAQ:HOOD), ARK 21Shares Bitcoin ETF (BATS:ARKB), and Bitmine Immersion Technologies Inc. (NYSE:BMNR). These trades occurred as the cryptocurrency market faced extreme volatility, with major cryptocurrencies like Bitcoin experiencing notable declines.
Leading cryptocurrencies extended their selloff as Bitcoin (CRYPTO: BTC) slid below $73,000 to its lowest level since November 2024, triggering more than $750 million in liquidations amid “extreme fear” sentiment. The global crypto market cap fell to $2.59 trillion, while analysts flagged the possibility of a short-term relief rally despite deepening bearish expectations.
The Circle Trade
Ark Invest’s ARK Innovation ETF (BATS:ARKK) and ARK Blockchain & Fintech Innovation ETF (BATS:ARKF) acquired 42,878 shares of Circle valued at approximately $2.4 million based on the closing price of $56.16.
Circle, the issuer of USDC (CRYPTO: USDC), saw its stock decline by 4.59% on the same day.
The Coinbase Trade
Ark Invest’s ARKF fund purchased 3,510 shares of Coinbase Global Inc , totaling approximately $630,606. Coinbase, a leading cryptocurrency exchange, experienced a 4.36% drop in its stock price, closing at $179.66.
Shares of Coinbase and other crypto-related companies traded lower after Bitcoin fell below $80,000 this week, pressured by a tightening U.S. liquidity environment that hit high-risk assets. The sell-off weighed on crypto equities as investors absorbed ETF losses and weakening market confidence across the sector.
The Robinhood Trade
ARKK, ARKF and ARK Next Generation Internet ETF (BATS:ARKW) funds collectively bought 89,677 shares of Robinhood, valued at around $7.8 million.
Robinhood shares slid sharply, down about 40% from their 52-week high, as a steep selloff pushed the stock into oversold territory despite weak momentum. ARK Invest bought roughly $32.7 million worth of shares, betting on a potential long-term boost from proposed “Trump Accounts” and a technical rebound.
The ARK 21Shares Bitcoin ETF Trade
ARKF and ARKW funds acquired a total of 135,131 shares of ARK 21Shares Bitcoin ETF, valued at approximately $3.4 million.
The ETF, which tracks the performance of Bitcoin, saw a 1.97% decline, closing at $25.36. This purchase highlights Ark’s continued belief in the potential of Bitcoin and its role in the future of finance.
The Bitmine Immersion Technologies Trade
ARKK fund bought 145,488 shares of Bitmine Immersion Technologies, worth about $3.25 million. The Tom-Lee chaired Bitmine, an Ethereum (CRYPTO: ETH) treasury management firm, experienced a 1.97% drop, with its stock closing at $22.35.
This acquisition aligns with Ark’s focus on companies that are integral to the infrastructure of the cryptocurrency market.
The Bullish Inc. Trade
ARKF and ARKK funds purchased a total of 125,218 shares of Bullish, valued at approximately $3.5 million. Bullish, a digital asset exchange, saw its stock decline by 3.93%, closing at $27.64.
Ark’s investment in Bullish aligns with its strategy of backing companies that support the trading and exchange of digital assets. Bullish is backed by PayPal co-founder Peter Thiel. By comparison, crypto exchange Coinbase, a rival to Bullish, accounted for 3.52% of Ark’s portfolio by weight, while Bullish represented 1.15%. At the time of writing, Ark’s Bullish holdings were valued at $138.6 million.
Other Key Trades:
- Sold 620,490 shares of Draftkings Inc from ARKK and 165,000 shares from ARKW.
- Sold 131,316 shares of Airbnb Inc from ARKK and 34,901 shares from ARKW.
- Bought 11,168 shares of Alphabet Inc from ARKQ and 1,422 shares from ARKX.
- Bought 83,569 shares of Roblox Corp from ARKK and 37,243 shares from ARKW.
Benzinga Edge Stock Rankings indicate Coinbase stock has a Value in the 55th percentile and a Momentum in the 4th percentile.
Photo: ChrisStock82 / Shutterstock.com
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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