ARK buys Coinbase and Circle as Bullish joins crypto pullback

Cathie Wood’s ARK Invest increased exposure to crypto-linked equities as prices slid across the sector.

ARK Innovation ETF and ARK Fintech Innovation ETF bought a combined 42,179 shares of Coinbase worth about $9.4 million.

Coinbase shares closed down 2.77% at $216.95 during the session.

ARK also added 129,446 shares of Circle Internet Group across the two ETFs, valued at roughly $9.2 million.

Bullish shares were added as well, with ARK purchasing 88,533 shares worth around $3.2 million.

Circle shares were little changed on the day, while Bullish fell 2% to close at $35.75.

Alongside the crypto purchases, ARK trimmed other holdings including Meta Platforms.

The buying followed a fourth-quarter crypto pullback that weighed on several ARK ETFs.

ARK said crypto-linked equities were a major source of weakness during the quarter.

Coinbase was identified as the largest performance drag across multiple ARK funds.

ARK noted that Coinbase shares fell more sharply than bitcoin and ether as exchange volumes declined.

Despite recent weakness, ARK reiterated its long-term bullish outlook for the crypto market.

At the time of reporting, Bitcoin price was $87,404.77.