Cathie Wood’s ARK Purchases Coinbase, Circle, and Bullish Shares in January

TLDR

• Cathie Wood’s ARK Invest purchased $21.8 million in crypto stocks on January 23, including Coinbase, Circle, and Bullish
• ARK now holds over $1.3 billion in crypto-related investments, with Coinbase as the largest position at $393.1 million
• Crypto stocks dragged down ARK ETF performance in Q4 2025 as trading volumes dropped 9% after October liquidation events
• ARK forecasts crypto market could hit $28 trillion by 2030 with Bitcoin potentially reaching $950,000 to $1 million
• Wood first invested in Bitcoin through Grayscale in 2015 when BTC traded around $200

Cathie Wood made her first crypto purchases of 2026 on January 23. ARK Invest bought shares in three digital asset companies during the market downturn.

The ARK Innovation ETF purchased 38,854 shares of Coinbase Global Inc. The ARK Fintech Innovation ETF added 3,325 more shares. Total Coinbase purchases reached $9.4 million.

Coinbase Global, Inc., COIN

ARK bought 129,446 shares of Circle Internet Group across both funds. The Circle position totaled $9.2 million. The company issues the USDC stablecoin.

The investment firm also purchased 88,533 shares of Bullish worth $3.2 million. Coinbase stock closed at $216.95 on January 23, down 2.77%. Circle shares dropped 0.03% while Bullish fell 2% to $35.75.

ARK sold $8.03 million in Meta Platforms shares the same day. The move shifted portfolio weight toward crypto exposure.

Q4 2025 Crypto Losses Impact Performance

Crypto stocks hurt ARK’s returns in the fourth quarter of 2025. Coinbase was the biggest drag on multiple ARK ETFs.

The company’s shares fell faster than Bitcoin and Ethereum prices. Spot trading volumes on centralized exchanges declined 9% quarter-over-quarter. The drop came after October’s liquidation event.

Coinbase affected the ARK Next Generation Internet ETF, ARK Fintech Innovation ETF, and ARK Innovation ETF. Roblox was the second-worst performer despite strong third-quarter bookings.

The gaming company warned about shrinking operating margins in 2026. Russia’s platform ban added more pressure on the stock.

Wood’s Decade-Long Bitcoin Strategy

Wood first bought Bitcoin exposure in 2015 through Grayscale’s Bitcoin Investment Trust. Bitcoin traded near $200 at that time.

ARK needed New York Stock Exchange approval for the position. The firm could only allocate 1% to the investment. Wood faced criticism from traditional investors for the crypto bet.

No Bitcoin ETFs existed in 2015. Regulated futures markets hadn’t launched yet. The SEC had no dedicated crypto enforcement division.

Wood has maintained consistent views on Bitcoin over the years. She emphasizes the fixed supply of 21 million coins. Wood describes Bitcoin as infrastructure rather than speculation.

$28 Trillion Crypto Market Projection

ARK projects the crypto market could reach $28 trillion by 2030. Bitcoin would make up about 70% of total market value. The firm expects 61% compound annual growth rates.

ARK estimates 20.5 million Bitcoin will be in circulation by 2030. The forecast implies Bitcoin prices between $950,000 and $1 million. Institutional adoption drives the bullish outlook.

Bitcoin ETFs attracted billions in 2025. Corporate holders increased their Bitcoin positions throughout the year.

Current ARK Crypto Portfolio

ARK holds $393.1 million in Coinbase shares, representing 4.76% of ARKK. Circle accounts for $204.5 million or 2.48% of the fund. Bullish makes up $125.3 million or 1.52%.

Robinhood represents $336.2 million or 4.07% of ARKK. The brokerage generates revenue from crypto trading. Block holds $122.0 million or 1.48% of the fund.

Bitmine Immersion Technologies totals $196.6 million or 2.38% of ARKK. ARK’s total crypto exposure exceeds $1.3 billion across all holdings. The purchases came as digital asset prices continued sliding from 2024 peaks.

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