Ark Invest buys $3.4 million in Coinbase, adds Circle and Robinhood as stocks trade lower

Cathie Wood-led investment firm Ark Invest increased its holdings in Coinbase, Circle, and Robinhood through its exchange-traded funds on Monday, as all three stocks closed lower.

According to Ark's latest trading disclosure, the company purchased 24,790 Coinbase Coinbase Global, Inc. (COIN) shares, worth $3.4 million, through its ARKK, ARKW, and ARKF ETFs. Coinbase shares closed down 3.98% at $137.83 on Monday. 

Ark bought 35,657 shares of Circle Circle Internet Group, Inc. (CRCL), worth $2.6 million, as the stock dropped 0.6%. It also added 7,703 Robinhood Robinhood Markets, Inc. (HOOD) shares, worth $645,820 based on Monday's closing price.

Meanwhile, the firm sold 104,172 shares of Bullish Bullish (BLSH), worth $2.3 million. The crypto exchange's shares fell 5.69% to close at $22.54.

Ark's moves came days after Coinbase reported strong third-quarter earnings last week. The company's Q3 net income rose 66% year on year to $719 million from $433 million in the same period last year. It generated $1.22 billion in total revenue, broadly flat from the previous quarter but down 35% year over year.

Notably, Coinbase's prediction markets business surpassed $200 million in annualized revenue, doubling from roughly $100 million in the previous quarter. Bernstein analysts said Friday that the growth in the company's prediction markets and subscription and services revenue "helped offset the softer crypto trading activity."

Circle is scheduled to report its Q3 earnings on Nov. 4. Consensus estimates call for revenue of $788.17 million and EPS of $0.37, according to TradingView. Robinhood reported a 20% jump in crypto revenue from the previous quarter to $120 million, offsetting a decline in crypto trading revenue, according to its results released last week. Meanwhile, Bullish is expected to report Q3 earnings on Nov. 18.