Crypto: Ark Invest buys the dip on Coinbase and Circle, and balances Bullish

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These operations come after Coinbase's quarterly results, whose net profit reached $719 million. An increase largely supported by the revaluation of cryptoassets held for investment.

The operations detailed in the Ark statement concern three ETFs: ARKK, ARKW and ARKF. Together, they purchased 24,790 shares of Coinbase, valued at approximately $3.4 million at the closing price of $137.83. The stock ended the session down 3.98%.

The manager also acquired 35,657 Circle shares, for approximately $2.6 million. The USDC issuer closed at $72.08, down 0.63%. Robinhood rounds out the purchases with 7,703 shares, or about $645,820 at a price of $83.84.

Conversely, Ark sold 104,172 shares of Bullish stock, valued at approximately $2.35 million. The stock lost 5.69%, to $22.54. The difference with its debut on the stock market is notable. Introduced on the New York Stock Exchange in August 2025 at $37, the stock reached $118 during its first session. It is now trading around 39% below its IPO price.

These movements show a selective strengthening of Ark's exposure to the sector. However, they do not allow, on their own, to establish the motivations of the manager.

Coinbase reported $1.22 billion in quarterly revenue, almost flat with the previous quarter, but down 35% year-over-year. However, its net profit increased by 66%, to $719 million.

Financial director Alesia Haas explains that this result comes largely from unrealized capital gains on cryptoassets held for investment. Adjusted net profit came to $78 million: the increase in accounting profit therefore does not reflect an equivalent increase in current activity. investor.coinbase.com

At Robinhood, crypto revenue reaches $120 million, down 55% year-over-year. Event contracts are a separate business: they generated $173 million, more than six times their level a year earlier.

Ark thus strengthens several companies with different sources of income: exchanges, stablecoins and brokerage. The latest results, however, underline the importance of distinguishing commercial growth, and accounting gains linked to cryptocurrency prices.

Machine-translated from French