TLDR
- Ark Invest bought $3.4 million of Coinbase, $2.6 million of Circle and $645,820 of Robinhood on Monday.
- The firm sold $2.3 million of Bullish as that stock fell 5.69%.
- Morgan Stanley downgraded Coinbase to Underweight and cut its price target to $120.
- Coinbase reported third-quarter net income of $719 million, up 66% from a year earlier.
- Circle reports third-quarter earnings on Nov. 4, and Bullish reports on Nov. 18.
Cathie Wood’s Ark Invest added to its holdings in three crypto-linked stocks on Monday. The purchases were made through its exchange-traded funds. All three stocks closed lower that day.
Ark bought 24,790 shares of Coinbase, worth about $3.4 million. The trades were spread across the ARKK, ARKW and ARKF funds. Coinbase shares closed down 3.98% at $137.83.
The firm also bought 35,657 shares of Circle, worth about $2.6 million. Circle stock fell 0.63% to close at $72.08. Ark made its purchases through ARKF, ARKK and ARKW.
Ark added 7,703 shares of Robinhood through ARKF. That trade was worth about $645,820 at Monday’s closing price of $83.84. Robinhood shares closed down 1.35%.
Ark Sells Bullish Shares
Ark sold 104,172 shares of Bullish, worth about $2.3 million. Bullish stock fell 5.69% to close at $22.54. The sales were made through ARKF, ARKK and ARKW.
Ark had bought Circle shares before. It purchased 35,403 shares through ARKW on Oct. 27. It also bought 99,418 Robinhood shares across three funds on Oct. 28, a trade worth about $9.1 million.
The trades came days after Coinbase reported third-quarter results. Net income rose 66% from a year earlier to $719 million. Total revenue was $1.22 billion, roughly flat from the previous quarter and down 35% from a year ago.
Coinbase’s prediction markets business passed $200 million in annualized revenue. That figure doubled from about $100 million in the prior quarter. Bernstein analysts said growth in that business and in subscription and services revenue helped offset softer crypto trading activity.
Morgan Stanley analyst Michael Cyprys downgraded Coinbase on Monday. He moved the rating to Underweight from Equal-Weight. He cut his price target to $120 from $258.
Cyprys pointed to weaker trading activity and a softer revenue outlook. He also cited uncertainty following the Binance hack. These reasons were listed in the downgrade.
Earnings and Market Details
Robinhood reported record third-quarter revenue of $1.424 billion last week. That was up 12% from a year earlier. Event-contract revenue rose more than sixfold to $173 million.
Robinhood’s cryptocurrency revenue fell 55% from a year earlier to $120 million. The company declined to give a 2026 outlook for total operating expenses. It cited uncertainty around credit losses and regulatory costs.
In October, the Office of the Comptroller of the Currency issued a final rule on payment stablecoin issuance. The rule covers entities under its jurisdiction. Circle issues the USDC stablecoin.
Circle will report third-quarter earnings on Nov. 4. Analysts expect revenue of $788.17 million and earnings of $0.37 per share, according to TradingView. Bullish will report its results on Nov. 18.
Bitcoin market watchers were split ahead of Tuesday’s U.S. midterm elections. Some said Bitcoin had already bottomed. Analyst Ali Martinez named $73,000 as a key level to watch.
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