Cathie Wood Flips the Crypto Script: Dumps Coinbase, Bets Big on Circle

ARK Invest's queen of disruption just made a head-turning pivot—ditching the poster child of crypto exchanges for the stablecoin dark horse. Here's why it matters.

The Contrarian Play:
While Wall Street obsesses over trading platforms, Wood doubles down on the plumbing. Circle's USDC dominance looks like her new infrastructure bet—because nothing says 'moon' like regulatory-friendly stablecoins.

Coinbase Gets the Ax:
After riding the exchange's volatility for years, ARK's sell-off hints at fading patience with 'growth stock' narratives. TradFi baggage meets crypto-native disruption.

The Cynic's Take:
Maybe this is just portfolio theater—after all, what's a fintech fund without some headline-grabbing rebalancing? But with Wood's track record, even her weirdest moves demand attention.

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Wood’s other notable trades on Thursday included the sale of roughly $18 million worth of Robinhood (HOOD) stock, the sale of $25 million worth of Roblox (RBLX) stock, and smaller sales of Meta Platforms (META), Palantir Technologies (PLTR), and Block (XYZ).

Wood Taps into Circle Internet Stock

Circle Internet Group stock skyrocketed by 235% on its first day of trading on the New York Stock Exchange. Ark Invest bought CRCL stock through three different ARK ETFs, totaling a massive $139 million. Wood’s interest in Circle Internet suggests growing confidence in the broader crypto market, particularly in stablecoin-related assets.

The Ark Innovation ETF (ARKK) bought 3,025,089 shares of Circle, while the Ark Next Generation Internet ETF (ARKW) acquired 927,318 shares, and the ARK Fintech Innovation ETF (ARKF) purchased 534,153 shares of CRCL. These purchases reflect Wood’s strong conviction in the world’s second-largest stablecoin issuer.

ARK Trims its Coinbase Position

Wood made a significant reduction in Coinbase Global holdings across Ark ETFs, selling a cumulative 161,304 COIN yesterday. The ARKK ETF sold 101,037 shares, the ARKW ETF reduced its Coinbase stake by 6,882 shares, and the ARKF ETF sold 53,385 shares of the exchange. These trades totaled $41 million, reflecting a continued reduction in ARK’s position in Coinbase Global.

Is COIN Stock Worth Buying?

Analysts remain divided on Coinbase Global’s long-term stock trajectory. On TipRanks, COIN stock has a Moderate Buy consensus rating based on 11 Buys versus 11 Hold ratings. Also, the average Coinbase Global price target of $263 implies 7.7% upside potential from current levels. Year-to-date, COIN stock has lost 1.7%.