Ark Invest's latest daily trade disclosure showed the firm bought 9,014 Coinbase shares across its ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Based on Coinbase's Thursday close of $142.52, the purchase was worth roughly $1.28 million.
The investment firm also acquired 9,264 Circle shares valued at about $637,455, 9,136 Bullish shares worth about $199,895, and 35,023 Robinhood shares (via ARKK) with a market value of roughly $3.27 million. All four stocks closed lower Thursday: Coinbase fell 5.06%, Circle lost 3.06%, Robinhood dropped 3.83%, and Bullish declined 6.77%. Ark increased its exposure as each stock traded lower.
Buying on weakness continues
This is not the first time Ark has bought the dip. Last week, after Coinbase shares had fallen nearly 13% over the prior month, Ark purchased about $18.4 million worth of Coinbase stock. In the same portfolio update, it sold nearly $29 million in Robinhood shares while the brokerage traded near multi-month highs.
Earlier in May, Ark accumulated more than $4.4 million worth of Bullish shares over two sessions after the stock declined for five consecutive days. Bullish had reported a first-quarter net loss of $604.9 million while adjusted revenue rose to $92.8 million.
Earlier this week, Ark bought about $32.5 million of SpaceX shares after the stock dropped more than 16% from its post-listing peak. That came after the firm had already acquired roughly $444.3 million of SpaceX shares on the company's Nasdaq debut on June 12.
Ark manages its ETFs with a policy that limits any single holding to no more than 10% of a portfolio, prompting periodic rebalancing when share prices shift.
Cathie Wood sees inflation easing faster
In a thread on X, Ark Invest CEO Cathie Wood said investors she met during a roadshow across Asia and Europe remained concerned about inflation, but she argued price pressures could fall much faster than expected. Wood noted that unit labor costs had already slowed to 0.5% year over year and pointed to productivity gains as a key driver.
She also praised former Federal Reserve Governor Kevin Warsh for understanding the role of productivity in reducing inflation and criticized government inflation measurements. "While others are projecting higher rates sooner than was the case a few months ago, I believe that Warsh will give the financial markets a master class in monetary policy," Wood wrote.