Cathie Wood’s Ark Invest Buys the Dip on Coinbase and Robinhood—Both Now Surging

Ark Invest, the investment firm of renowned technology investor Cathie Wood, added $4 million worth of shares in US crypto exchange Coinbase (COIN) and $12 million in financial trading app Robinhood (HOOD) on Tuesday, buying the dip as markets slid due to war uncertainty in Iran.

Now, however, shares of both are recovering, up about 13% and 9% respectively since the opening bell, amid rising cryptocurrency prices. Shares are still down about 33% and 19%, respectively, over the past six months.

Still, the purchases expand Ark’s significant holdings in the companies, which are the 10th and 11th largest holdings in the ETF portfolio. according to Cathie’s Ark dataan analytics site that aggregates the company’s ETF data.

Prior to Wednesday’s opening, the company owned approximately $343 million worth of shares in COIN and $340 million in HOOD.

With Tuesday’s COIN addition, the company reclaimed some of the shares it sold in early February as Bitcoin extended its decline toward $60,000. At the time it was dumped more than $19 million into Coinbase shares in its actively managed ETF suite.

But now, Bitcoin is on the rise again, up more than 8% in the past 24 hours, recently changing hands to $72,100 – still down nearly 43% from October’s all-time high of $126,080.

The swing has influenced forecasters on Myriad Markets – a platform operated by DeclutterDastan’s parent company, the chances are slim “Bitcoin’s Next Stop” to favor a jump to $84,000 rather than a dump to $55,000. Forecasters now give a roughly 54% chance of the jump, compared to just 35% earlier this week.

Wood’s firm also made a small purchase – about $2,950 – for 2,500 shares of Brera Holdings (SLMT), a Solana treasury company. Ark has been steadily increasing its Brera position since December, but Tuesday’s purchase is its smallest addition ever. according to Cathie’s Ark.

A notable exception to Tuesday’s buying frenzy for Ark was stablecoin issuer Circle (CRCL), which ranks sixth among investment firms with about $370 million in total shares.

CRCL is up about 6% on Wednesday and is now up more than 27% in the past five trading days after the company announced more than 70% growth in stablecoin issuance and revenue in the fourth quarter.

The company also gave a knock on its ownership of Ethereum government bond firm BitMine Immersion Technologies, which rose more than 7% on Wednesday, while Ethereum similarly rose to $2,072.