Cathie Wood’s ARK Invest expanded its positions in Coinbase, SpaceX, Circle, Bullish and Robinhood by purchasing roughly $25.54 million worth of shares on Friday across several of its exchange-traded funds.
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- Cathie Wood’s ARK Invest bought $25.54 million worth of shares of Coinbase, SpaceX, Circle, Bullish, and Robinhood.
- Coinbase led the purchases with an investment of $10.19 million, followed by $7.01 million in SpaceX and $5.79 million in Circle.
- The latest purchases expand ARK’s recent accumulation of cryptocurrency-related stocks as Wood continues to play down lingering inflation concerns.
According to ARK Invest’s latest daily trading disclosure, Coinbase made the company’s largest purchase by value. The investment manager purchased 68,366 Coinbase shares through the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Based on Friday’s closing stock price of $149.06, the purchase was worth approximately $10.19 million.
SpaceX ranked second among acquisitions today. Through ARKK, ARK Autonomous Technology & Robotics ETF (ARKQ), ARKW, and ARK Space Exploration & Innovation ETF (ARKX), the company 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 shares of Circle stock through ARKK, ARKW and ARKF, with the purchases valued at approximately $5.79 million based on a closing stock price of $73.57.
The buying continued with smaller additions to Bullish and Robinhood. ARK bought 57,511 Bullish shares worth about $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.
The recent 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 fell.
Ditto I mentioned By crypto.news The investment firm bought 9,014 shares in Coinbase, 9,264 shares in Circle, 9,136 shares in Bullish, and 35,023 shares in Robinhood after all four stocks ended Thursday’s session in negative territory. Coinbase was down 5.06%, Circle lost 3.06%, Robinhood was down 3.83%, and Bullish was down 6.77% during that trading session.
Separately, ARK disclosed another purchase of 111,799 Coinbase shares earlier this week, worth about $18 million. During the same period, the company also increased its exposure to SpaceX by acquiring 210,121 shares worth approximately $32.5 million across four ETFs.
According to ARK Invest, the company’s ETFs follow a portfolio policy that limits any individual’s ownership to no more than 10% of the fund. As stock prices move, positions are adjusted periodically to keep allocations within those limits.
Wood continues to support cryptocurrency-related companies despite macro concerns
The latest investments also come as Wood has maintained a constructive view of financial markets despite growing concerns about inflation and monetary policy.
As crypto.news previously I mentionedWood said investor meetings across Asia and Europe showed that many market participants expect inflation to persist and believe the Fed may need to tighten policy further. The data point is in a different direction, she said.
In a series of posts on X, Wood said that core inflation is close to disappearing when measured by unit labor costs. Using first-quarter figures, it noted that US productivity increased by about 3% year-on-year while hourly compensation rose by about 3.5%, leaving implied core inflation at about 0.5%.
Wood also cited data from Truflation, saying the platform’s real-time measure of inflation fell from about 11% in 2022 to 1.8%, while its core inflation measure fell to 1.4%. Her comments contrast with market expectations for a possible 25 basis point interest rate increase by the Fed in September after a US consumer price inflation reading of 4.2% in May.
