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ARK Invest went shopping in the crypto aisle again. Cathie Wood’s firm added shares of Coinbase (COIN), Circle Internet Group (CRCL), and Bullish (BLSH) on June 25-26, collectively spending roughly $2.1 million across the three positions.
The purchases came during a broader selloff in crypto-linked equities.
What ARK actually bought
The breakdown: ARK picked up 9,014 shares of Coinbase at a cost of approximately $1.28 million, making it the largest of the three purchases by dollar value. The firm also grabbed 9,264 shares of Circle, valued at around $637,000, and 9,136 shares of Bullish for about $200,000.
This isn’t a one-off, either. In late January 2026, ARK invested $21.5 million across these same three securities. That purchase marked the firm’s first accumulation of COIN, CRCL, and BLSH since mid-December 2025.
The backstory on these three names
Coinbase is the largest publicly traded crypto exchange in the US. Circle and Bullish are newer to the public markets. Both companies went public in 2025, and both have experienced significant volatility in their stock prices since listing. Circle, the issuer of the USDC stablecoin, attracted particularly heavy interest from ARK around its IPO. The firm accumulated between 4.48 million and 4.51 million shares of Circle during that period. ARK subsequently trimmed those Circle holdings, making the recent re-accumulation noteworthy.
Bullish, the Tom Farley-led crypto exchange backed by Peter Thiel and other prominent investors, represents the smallest dollar allocation of the three purchases at roughly $200,000.
The trading activity typically spans multiple ARK ETFs, meaning these purchases could show up across several of the firm’s funds rather than being concentrated in a single product.
What this means for investors
The $21.5 million January purchase followed by this latest round of buying establishes a clear pattern of ARK buying crypto infrastructure stocks during downturns.
For Coinbase specifically, its revenue is still heavily tied to transaction fees, which makes it cyclical by nature. Circle’s revenue model is more tied to the yield it earns on the reserves backing the stablecoin than to trading activity, meaning its fortunes are linked to interest rates and the overall demand for dollar-denominated stablecoins in crypto markets.
Wood’s flagship ARK Innovation ETF delivered eye-popping gains in 2020 and then gave back a substantial portion of those returns in subsequent years.
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