Key Takeaways:
Ark Invest bought more than $75 million of crypto-exposed shares during June, loading up on Coinbase, Circle and Bullish as the sector suffered its worst selloff in years.
The St. Petersburg, Florida-based investment manager purchased $44 million of Coinbase (COIN) shares, $25.25 million of Circle (CRCL) equity and $8.2 million of Bullish (BLSH) stock, according to emailed trade disclosures. The buying was spread across multiple sessions, with the largest single tranche — roughly 111,799 Coinbase shares worth about $18.4 million — executed in mid-June.
Ark has historically maintained a sizable position in Coinbase, treating the exchange as a core bet on crypto infrastructure, the firm's daily trade disclosures show. The purchases followed a pattern of adding during sell-offs and trimming during rallies that Ark has employed since Coinbase's direct listing in 2021.
Circle shares slumped 40% in June, ending the month at $62.63. The decline included an 18% single-day drop on June 30 after a consortium of more than 140 companies — including Coinbase, Stripe, Visa, Mastercard and BlackRock — unveiled Open USD, a rival stablecoin operated by an independent entity called Open Standard. Circle was also removed from several Russell Growth indexes during the annual reconstitution, adding further selling pressure.
Coinbase ended June nearly 20% lower at $146.19, while Bullish fell 27% to $23.43. Bitcoin recorded its worst month in four years, with the largest cryptocurrency falling roughly 20% in June, according to CoinGecko data.
The buying spree shows Cathie Wood's firm views the selloff as a buying opportunity rather than a structural shift. Ark added to its Circle position alongside Coinbase, suggesting the firm is constructing a broader portfolio thesis around crypto financial infrastructure — even as Circle faces its most direct competitive threat yet from the Open Standard initiative, which promises free minting and redemption with reserve earnings shared among partners.
This article is for informational purposes only and does not constitute investment advice.
