Cathie Wood’s Ark Invest increased its holdings in Coinbase, Circle, Bullish, and Robinhood after all four stocks fell during Thursday’s trading session. The firm’s latest daily trading disclosure shows it bought 9,014 Coinbase shares across three exchange-traded funds: the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Based on Coinbase’s closing price of $142.52 on Thursday, that purchase was worth about $1.28 million.
Ark also acquired 9,264 Circle shares valued at roughly $637,455 and 9,136 Bullish shares worth about $199,895. Through ARKK alone, the firm added another 35,023 Robinhood shares with a market value of around $3.27 million. Each stock had dropped: Coinbase ended Thursday down 5.06%, Circle lost 3.06%, Robinhood fell 3.83%, and Bullish declined 6.77%.
Ark Continues Buying on Weakness
The latest purchases extend a pattern of buying after sharp pullbacks. Last week, Ark bought about $18.4 million worth of Coinbase shares after the crypto exchange’s stock fell nearly 13% over the previous month. That same portfolio update included the sale of almost $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 exchange operator’s stock dropped for five consecutive days. Bullish had reported a first-quarter net loss of $604.9 million, though adjusted revenue rose to $92.8 million.
Ark followed the same approach earlier this week when it purchased about $32.5 million worth of SpaceX shares after the stock fell more than 16% from its post-listing peak. That came after the firm had already acquired roughly $444.3 million worth of SpaceX shares on the company’s Nasdaq debut on June 12.
Cathie Wood Expects Inflation to Ease
In a thread posted on X, Ark Invest Chief Executive Officer and Co-founder Cathie Wood said investors she met during a roadshow across Asia and Europe remain concerned about inflation. But she argued price pressures could fall much faster than expected.
“On a roadshow through Asia and Europe, I am struck by investor fears of inflation. They are surprised when I suggest that inflation could break down in a big way, and not just because of oil prices,” Wood wrote. She said unit labor costs had already slowed to 0.5% year over year and identified productivity gains as an important factor behind lower inflation.
Wood also noted that former Federal Reserve Governor Kevin Warsh understands the role productivity plays in reducing inflation. She criticized government inflation measurements and added, “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.”
