Cathie Wood’s ARK Invest has expanded its positions in Coinbase, SpaceX, Circle, Bullish, and Robinhood by purchasing about $25.54 million worth of shares on Friday across several of its exchange-traded funds.
Summary
- Cathie Wood’s ARK Invest bought $25.54 million worth of Coinbase, SpaceX, Circle, Bullish, and Robinhood shares.
- Coinbase led the purchases with a $10.19 million investment, followed by $7.01 million in SpaceX and $5.79 million in Circle.
- The latest buys extend ARK’s recent accumulation of crypto-linked stocks as Wood continues to downplay persistent inflation concerns.
According to ARK Invest’s latest daily trade disclosure, Coinbase accounted for the firm’s largest purchase by value. The investment manager bought 68,366 Coinbase shares through the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Based on the stock’s Friday closing price of $149.06, the purchase was valued at roughly $10.19 million.
SpaceX ranked second among the day’s acquisitions. Across ARKK, ARK Autonomous Technology & Robotics ETF (ARKQ), ARKW, and ARK Space Exploration & Innovation ETF (ARKX), the firm purchased 45,728 shares worth about $7.01 million using the company’s closing price of $153.23.
Circle Internet Group was another major addition. According to the disclosure, ARK acquired 78,756 Circle shares through ARKK, ARKW, and ARKF, with the purchases valued at approximately $5.79 million based on the stock’s $73.57 close.
The buying continued with smaller additions to Bullish and Robinhood. ARK purchased 57,511 Bullish shares valued at around $1.34 million and another 12,269 Robinhood shares worth about $1.21 million, using Friday’s closing prices of $23.29 and $98.69, respectively.
Latest purchases extend a week of aggressive buying
The latest transactions follow several rounds of buying earlier in the week, when ARK increased its exposure to many of the same companies after their share prices declined.
As previously reported by crypto.news, the investment firm bought 9,014 Coinbase shares, 9,264 Circle shares, 9,136 Bullish shares, and 35,023 Robinhood shares after all four stocks finished Thursday’s session in negative territory. Coinbase fell 5.06%, Circle lost 3.06%, Robinhood declined 3.83%, and Bullish dropped 6.77% during that trading session.
Separately, ARK disclosed another purchase of 111,799 Coinbase shares earlier this week, valued at about $18 million. During the same period, the firm also increased its exposure to SpaceX by acquiring 210,121 shares worth roughly $32.5 million across four ETFs.
According to ARK Invest, the firm’s exchange-traded funds follow a portfolio policy that limits any individual holding to no more than 10% of a fund. As stock prices move, positions are periodically adjusted to keep allocations within those limits.
Wood continues backing crypto-linked companies despite macro concerns
The latest investments also come as Wood has maintained a constructive outlook on financial markets despite growing concerns about inflation and monetary policy.
As crypto.news previously reported, Wood said investor meetings across Asia and Europe showed that many market participants expect inflation to remain persistent and believe the Federal Reserve may need to tighten policy further. She argued the data point in a different direction.
In a series of posts on X, Wood said underlying inflation is close to disappearing when measured through unit labor costs. Using first-quarter figures, she noted that U.S. productivity increased about 3% year over year while compensation per hour rose roughly 3.5%, leaving implied underlying inflation at around 0.5%.
Wood also cited data from Truflation, saying the platform’s real-time inflation gauge has fallen from about 11% in 2022 to 1.8%, while its core inflation measure has eased to 1.4%. Her comments contrast with market expectations for a possible 25-basis-point Federal Reserve rate increase in September following May’s 4.2% U.S. consumer price inflation reading.
