When its favorite stocks fall, Ark Invest tends to buy more. Thursday was a textbook example.
What Ark bought
On June 25, Ark Invest added shares of four crypto-and-fintech names — Coinbase, Circle, Bullish and Robinhood — across its exchange-traded funds, even as all four fell on the day, The Block reported, citing Ark's daily trade disclosure. The biggest buy was Robinhood: about 35,000 shares, worth roughly $3.3 million, on a day the stock slid nearly 4%. Ark added about 9,000 Coinbase shares ($1.3 million) as that stock fell 5%, plus smaller positions in Circle ($640,000) and Bullish (~$200,000), which dropped 3% and nearly 7% respectively. The four buys totaled about $5.4 million — modest against Ark's overall assets, but a clear signal of continued conviction.
Who they are
Coinbase is the largest U.S.-regulated crypto exchange. Circle issues USDC, the second-largest dollar stablecoin, and went public in 2025. Bullish is a regulated crypto exchange that has also listed publicly. Robinhood is the retail trading app that earns a meaningful slice of revenue from crypto trading. All four rise and fall with crypto sentiment — which has been firmly risk-off lately.
Ark's method
Ark actively rebalances its ETFs to keep any single stock from dominating a fund. When a holding's price drops, that cap frees up room to add shares without breaching it — which is why Ark so often appears to be "buying the dip" in its highest-conviction names on down days. Founder Cathie Wood has stayed publicly optimistic on risk assets, arguing recently that inflation could ease materially as productivity rises.
The context, and a caveat
The buys land during a rough stretch for crypto-linked equities, caught between higher-for-longer interest-rate expectations and a broad pullback in digital assets and tech. Coinbase's revenue tracks trading volumes; Circle's depends on USDC's size and the interest earned on its reserves; Robinhood leans on transaction fees — all of which compress when markets turn cautious.
Ark's record is a reminder that conviction cuts both ways. Its flagship ARKK fund returned more than 150% in 2020, drawing a wave of retail money, then lost roughly three-quarters of its value through 2022 as rates rose and high-growth stocks re-rated. It has since partly recovered. None of this is a recommendation: we're reporting what a closely watched investor did and why, not advising anyone to follow. Ark is making a contrarian, high-conviction bet that these crypto franchises are worth more than the market is paying today — a thesis only time will judge.
