Buying Into a Broad Crypto-Equity Selloff
ARK added 35,023 shares of Robinhood (Nasdaq: HOOD), worth about $3.27 million through its flagship ARK Innovation ETF, alongside 9,014 shares of Coinbase (Nasdaq: COIN) worth roughly $1.28 million. It also bought 9,264 shares of Circle (Nasdaq: CRCL), the issuer of the USDC stablecoin, valued at about $637,000, and 9,136 shares of Bullish (Nasdaq: BLSH) worth around $200,000.
The buys landed on a red day for the group as Coinbase closed down 5% at $142.52, Robinhood fell 3.85% to $93.47, Circle slipped 3% to $68.81, and Bullish dropped 6.77% to $21.88. ARK, which describes its mandate as investing in “disruptive innovation,” has repeatedly used such pullbacks to accumulate crypto-exposed equities at lower prices.
Wood has long paired that tactic with an aggressive macro thesis, maintaining a long-term bitcoin price target of $1.5 million. The June 25 purchases extend a pattern in which the firm leans into crypto-linked names even as broader markets wobble.
A Familiar Rotation
ARK’s trading is rarely one-directional, and the latest buys followed a more mixed stretch. Earlier in June, the firm sold roughly $29 million of Robinhood shares while adding to Coinbase, a rotation that capitalized on Robinhood’s recovery and Coinbase’s deeper drawdown. The June 25 session flipped part of that script, with ARK buying Robinhood back on the dip.
Circle has been a recurring target for the firm, with ARK being among the backers when Circle’s stock climbed after the company unveiled a token sale for its new Arc blockchain, a raise that also drew Blackrock, Apollo, and a16z. Bullish, the crypto exchange that went public in 2025, has similarly featured in ARK’s buying streaks, with the firm scooping up additional shares during earlier rallies.
The four stocks function as a basket of pure-play crypto and fintech exposure given Coinbase is the largest U.S. exchange while Robinhood has expanded aggressively into digital assets. Similarly, Circle anchors the dollar-stablecoin market, and Bullish operates an institutional trading venue. Buying all four on the same down day, at least in Wood’s view, amounts to a concentrated bet that the sector’s selloff is a buying opportunity.
The purchases came during a broader crypto downturn that has pressured both tokens and the equities tied to them. Bitcoin slid toward $58,000 in the same window, dragging sentiment across the crypto-stock complex. For a manager with a $1.5 million bitcoin call, weakness in the underlying market reads as a discount more than anything else.
That said, critics have long questioned whether ARK’s dip-buying compounds losses when momentum turns against it, and the firm’s crypto-linked holdings have endured sharp drawdowns before. Supporters argue that Wood’s willingness to buy when others sell is precisely what has defined the firm’s high-conviction style.
