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Cathie Wood Doubles Down on Coinbase and Crypto Despite Bitcoin's Wild Swings

MarketDash Editorial Team
5 days ago
Ark Invest continues building its crypto positions, adding millions in Coinbase and Peter Thiel-backed Bullish shares on Tuesday while Bitcoin bounced back from recent weakness. The firm also expanded its Shopify stake following record-breaking holiday sales.

Cathie Wood isn't backing away from crypto. Not even close. On Tuesday, her Ark Invest funds added significant positions in Coinbase Global Inc. (COIN), Bullish (BLSH), and Shopify Inc. (SHOP), leaning harder into crypto-exposed names even as recent Bitcoin weakness had investors questioning valuations across the digital asset space.

The moves signal continued conviction that the crypto infrastructure play still has legs, despite the volatility that makes Bitcoin look like a calm day at the beach by comparison.

The Big Coinbase Buy

Ark's flagship ARK Innovation ETF (ARKK) picked up 28,315 shares of Coinbase, valued at $7.45 million based on Tuesday's closing price of $263.26. This extends what's become a signature position for Wood—a long-standing bet on the leading U.S. crypto exchange despite the stomach-churning volatility that comes with the territory.

The timing is interesting. Just last month, Coinbase shares took a hit alongside Bitcoin after Argus Research downgraded the stock to Hold, arguing that the earnings multiple had ballooned well beyond what you'd see at traditional exchange operators. That's Wall Street speak for "this looks expensive."

But here's the thing: Bitcoin itself rebounded sharply, jumping 6.6% over the 24-hour period to reach $92,309.13. The cryptocurrency traded in a range between $86,216.69 and $92,316.63 during that stretch, showing the kind of price action that either excites you or gives you heartburn, depending on your risk tolerance.

Despite the Argus downgrade, Wall Street analysts broadly expect Coinbase to post strong revenue growth over the next couple of years. The thesis? Growing digital asset adoption and steady stablecoin activity on the platform should drive meaningful top-line expansion, even if the stock's valuation makes some traditional investors squirm.

Betting on Bullish

ARKK also purchased 42,434 shares of Bullish, worth approximately $1.83 million at the stock's closing price of $43.06. This reinforces Ark's view that institutional-grade crypto platforms will capture outsized gains as digital assets mature beyond the retail speculation phase.

Bullish, backed by tech billionaire Peter Thiel, recently reported third-quarter results that beat revenue expectations while earnings came in roughly in line with analyst forecasts. Management pointed to strong momentum in subscription and services revenue—the kind of recurring income streams that help smooth out the impact when trading volumes get choppy.

That diversified revenue model matters in crypto, where trading activity can swing wildly based on market sentiment and Bitcoin's latest price adventure.

Shopify Gets More Love

ARKK wasn't just playing the crypto angle on Tuesday. The fund added 21,132 shares of Shopify, valued at $3.3 million with shares closing at $156.83. The move expands Ark's exposure to e-commerce infrastructure right as the platform posts some genuinely impressive holiday numbers.

Shopify merchants generated $14.6 billion in sales during the Black Friday–Cyber Monday period, representing a 27% year-over-year increase fueled by more than 81 million shoppers. Those figures underscore the company's leverage to global online spending and its growing dominance in powering independent e-commerce.

The company also highlighted strong adoption of Shop Pay and continued international expansion, with roughly 16% of holiday orders coming from cross-border purchases. Thousands of merchants logged their best sales day ever during the period, suggesting the platform's growth isn't just about overall market expansion—Shopify is genuinely winning market share.

Other Portfolio Adjustments

Beyond the headline trades in Coinbase, Bullish, and Shopify, Ark made several other position adjustments across its suite of ETFs during Tuesday's session.

  • ARKK trimmed its stake in satellite operator Iridium Communications Inc. (IRDM) by 178,055 shares, while ARKQ and ARKX sold 43,947 and 12,296 shares respectively.
  • ARKK reduced exposure to streaming platform Roku Inc. (ROKU) with a 181,303-share sale.
  • ARKQ added 250,089 shares of autonomous driving company WeRide Inc. (WRD), signaling continued long-term optimism around robotics and self-driving technology despite sector-wide funding pressures and regulatory uncertainties.
  • ARKW modestly increased its position in retail brokerage Robinhood Markets Inc. (HOOD) with a 1,951-share purchase.
  • Across ARKF and ARKW, Ark sold a combined 43,182 shares of Ibotta Inc. (IBTA).

Market data indicates Bullish stock currently ranks poorly on short, medium, and long-term price trends, though the company's fundamentals around subscription revenue and institutional positioning tell a different story than the chart action might suggest.

The bigger picture here? Wood continues to position Ark's portfolios for a world where crypto infrastructure matures, e-commerce keeps growing, and autonomous technology eventually delivers on its promise—even when the near-term price action suggests patience will be required.

Back to News

Cathie Wood Doubles Down on Coinbase and Crypto Despite Bitcoin's Wild Swings

MarketDash Editorial Team
5 days ago
Ark Invest continues building its crypto positions, adding millions in Coinbase and Peter Thiel-backed Bullish shares on Tuesday while Bitcoin bounced back from recent weakness. The firm also expanded its Shopify stake following record-breaking holiday sales.

Cathie Wood isn't backing away from crypto. Not even close. On Tuesday, her Ark Invest funds added significant positions in Coinbase Global Inc. (COIN), Bullish (BLSH), and Shopify Inc. (SHOP), leaning harder into crypto-exposed names even as recent Bitcoin weakness had investors questioning valuations across the digital asset space.

The moves signal continued conviction that the crypto infrastructure play still has legs, despite the volatility that makes Bitcoin look like a calm day at the beach by comparison.

The Big Coinbase Buy

Ark's flagship ARK Innovation ETF (ARKK) picked up 28,315 shares of Coinbase, valued at $7.45 million based on Tuesday's closing price of $263.26. This extends what's become a signature position for Wood—a long-standing bet on the leading U.S. crypto exchange despite the stomach-churning volatility that comes with the territory.

The timing is interesting. Just last month, Coinbase shares took a hit alongside Bitcoin after Argus Research downgraded the stock to Hold, arguing that the earnings multiple had ballooned well beyond what you'd see at traditional exchange operators. That's Wall Street speak for "this looks expensive."

But here's the thing: Bitcoin itself rebounded sharply, jumping 6.6% over the 24-hour period to reach $92,309.13. The cryptocurrency traded in a range between $86,216.69 and $92,316.63 during that stretch, showing the kind of price action that either excites you or gives you heartburn, depending on your risk tolerance.

Despite the Argus downgrade, Wall Street analysts broadly expect Coinbase to post strong revenue growth over the next couple of years. The thesis? Growing digital asset adoption and steady stablecoin activity on the platform should drive meaningful top-line expansion, even if the stock's valuation makes some traditional investors squirm.

Betting on Bullish

ARKK also purchased 42,434 shares of Bullish, worth approximately $1.83 million at the stock's closing price of $43.06. This reinforces Ark's view that institutional-grade crypto platforms will capture outsized gains as digital assets mature beyond the retail speculation phase.

Bullish, backed by tech billionaire Peter Thiel, recently reported third-quarter results that beat revenue expectations while earnings came in roughly in line with analyst forecasts. Management pointed to strong momentum in subscription and services revenue—the kind of recurring income streams that help smooth out the impact when trading volumes get choppy.

That diversified revenue model matters in crypto, where trading activity can swing wildly based on market sentiment and Bitcoin's latest price adventure.

Shopify Gets More Love

ARKK wasn't just playing the crypto angle on Tuesday. The fund added 21,132 shares of Shopify, valued at $3.3 million with shares closing at $156.83. The move expands Ark's exposure to e-commerce infrastructure right as the platform posts some genuinely impressive holiday numbers.

Shopify merchants generated $14.6 billion in sales during the Black Friday–Cyber Monday period, representing a 27% year-over-year increase fueled by more than 81 million shoppers. Those figures underscore the company's leverage to global online spending and its growing dominance in powering independent e-commerce.

The company also highlighted strong adoption of Shop Pay and continued international expansion, with roughly 16% of holiday orders coming from cross-border purchases. Thousands of merchants logged their best sales day ever during the period, suggesting the platform's growth isn't just about overall market expansion—Shopify is genuinely winning market share.

Other Portfolio Adjustments

Beyond the headline trades in Coinbase, Bullish, and Shopify, Ark made several other position adjustments across its suite of ETFs during Tuesday's session.

  • ARKK trimmed its stake in satellite operator Iridium Communications Inc. (IRDM) by 178,055 shares, while ARKQ and ARKX sold 43,947 and 12,296 shares respectively.
  • ARKK reduced exposure to streaming platform Roku Inc. (ROKU) with a 181,303-share sale.
  • ARKQ added 250,089 shares of autonomous driving company WeRide Inc. (WRD), signaling continued long-term optimism around robotics and self-driving technology despite sector-wide funding pressures and regulatory uncertainties.
  • ARKW modestly increased its position in retail brokerage Robinhood Markets Inc. (HOOD) with a 1,951-share purchase.
  • Across ARKF and ARKW, Ark sold a combined 43,182 shares of Ibotta Inc. (IBTA).

Market data indicates Bullish stock currently ranks poorly on short, medium, and long-term price trends, though the company's fundamentals around subscription revenue and institutional positioning tell a different story than the chart action might suggest.

The bigger picture here? Wood continues to position Ark's portfolios for a world where crypto infrastructure matures, e-commerce keeps growing, and autonomous technology eventually delivers on its promise—even when the near-term price action suggests patience will be required.