Cathie Wood's ARK Invest scooped up roughly $25.54 million worth of shares in Coinbase, SpaceX, Circle, Bullish, and Robinhood on Friday, extending a week-long buying spree triggered by price dips in crypto-related stocks.
Coinbase accounts for largest single purchase at $10.19M
According to ARK Invest's daily trade disclosure, Coinbase attracted the firm's biggest outlay. ARK bought 68,366 Coinbase shares across the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Based on Friday's closing price of $149.06, the purchase was valued at roughly $10.19 million.
SpaceX ranked second. The firm acquired 45,728 shares via ARKK, ARK Autonomous Technology & Robotics ETF (ARKQ), ARKW, and ARK Space Exploration & Innovation ETF (ARKX), worth about $7.01 million using SpaceX's $153.23 close.
Circle Internet Group came third. ARK purchased 78,756 shares through ARKK, ARKW, and ARKF, valued at approximately $5.79 million based on Circle's $73.57 close.
Smaller buys included 57,511 Bullish shares (~$1.34 million) and 12,269 Robinhood shares (~$1.21 million).
Multiple rounds of dip-buying this week
Earlier in the week, ARK had already pounced after Coinbase fell 5.06%, Circle lost 3.06%, Robinhood dropped 3.83%, and Bullish slid 6.77% on Thursday. The firm then bought 9,014 Coinbase, 9,264 Circle, 9,136 Bullish, and 35,023 Robinhood shares.
Separate filings show ARK also snapped up 111,799 Coinbase shares (about $18 million) and 210,121 SpaceX shares (roughly $32.5 million) across four ETFs earlier this week.
ARK noted its ETF portfolio policy caps any single holding at 10% of a fund's net assets, and positions are periodically rebalanced to stay within limits as prices change.
Wood dismisses inflation fears, stays bullish on crypto-linked firms
Wood has maintained a contrarian stance on inflation. In posts on X, she argued that unit labor cost data imply underlying inflation is close to disappearing. Citing first-quarter figures, she said US productivity rose about 3% year-over-year while compensation per hour grew roughly 3.5%, leaving implied core inflation at around 0.5%.
She also referenced Truflation's real-time gauge, which has fallen from ~11% in 2022 to 1.8%, with core inflation easing to 1.4%. Her outlook contrasts with market pricing that sees a 25-basis-point Fed rate hike in September after May's 4.2% US CPI print.