Ark Invest Chases Crypto Stocks, Buys More HOOD, BLSH, CRCL, COIN Shares

Cathie Wood's Ark Invest is making more investments in crypto-related stocks despite the current struggles in that sector.

Ark Invest bought additional shares of Coinbase, Circle, Bullish, and Robinhood on Monday across several of its exchange-traded funds (ETFs). The move comes as all four stocks saw gains before the market closed.

Crypto stocks continue their upward momentum

According to the firm's latest trading disclosure, the firm bought 45,164 shares of Coinbase’s COIN through its ARKK, ARKW, and ARKF funds. As at end of trading on Monday, the purchase was worth about $6.86 million.

At the same time, Ark Invest acquired 81,757 shares of Circle Internet Group valued at $6.21 million. The firm also added 149,422 shares of crypto exchange Bullish (BLSH). This was worth around $3.55 million. Its Robinhood (HOOD) position was boosted by 2,943 shares, valued at nearly $300,000.

Meanwhile, Monday was a strong day overall for crypto stocks. Coinbase shares rose 1.52% to close at $151.64, while Bullish climbed 1.93% to $23.74. Robinhood also advanced 3.08% to $101.89. Circle’s stock saw the most gains, increasing by 3.5%

The rest of the stock market also moved higher. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all ended the session positively.

Circle and Coinbase gain more ground

A core reason why these crypto stocks were moving upward was tied to their recent business developments.

On Monday, Circle announced an expansion of its partnership with BNY Mellon. The agreement will allow institutional clients to custody, transfer, mint, and burn USDC directly. Investors would be able to do this through BNY's digital custody infrastructure.

The partnership is the latest move to bring stablecoin services closer to traditional finance. It could also help expand USDC adoption among institutional investors.  

Coinbase had earlier launched tokenized U.S. stocks on its platform. This gives its users access to tradFi assets. This move made Benchmark maintain its "Buy" rating on Coinbase and its  $270 price target for the company.

Also, about a week ago, an investment firm, Baillie Gifford, partnered with BNY to bring a bond fund on-chain. 

Ark Venture Fund offers exposure to private tech giants

Apart from crypto stocks, Ark Invest also has assets in some of the world's top private technology companies through its Ark Venture Fund. The fund currently holds stakes in SpaceX, OpenAI, and Anthropic. This is alongside other companies building technology.

SpaceX recently completed its IPO and is publicly available for investors. However, OpenAI and Anthropic are still private, making direct investment difficult for most investors.

The Ark Venture Fund offers one fund that covers these assets for investors. However, the fund comes with some high costs. Its management fee is 2.75%, alongside additional service and operating expenses that bring the total expense ratio to 2.90% after current reimbursements.