Cathie Wood's Ark Invest has continued its aggressive accumulation of Coinbase (COIN) stock, purchasing 17,386 shares worth approximately $4.2 million across three of its exchange-traded funds on Thursday, December 19, 2025. This follows a $16.3 million purchase of Coinbase shares earlier in the week, as the investment firm actively rebalances its portfolios.
The latest acquisition was distributed across Ark's flagship funds: 12,081 shares ($2.9 million) for the Ark Innovation ETF (ARKK), 3,495 shares ($836,000) for the Ark Next Generation Internet ETF (ARKW), and 1,810 shares ($433,000) for the Ark Fintech Innovation ETF (ARKF). Ark's strategy mandates that no single holding exceed 10% of a fund's portfolio, meaning the firm is likely to continue buying or selling COIN shares to maintain diversification as its price fluctuates. As of December 19, COIN is the fourth-largest holding in ARKK with a 5.3% weighting ($388.5M), the seventh-largest in ARKW (4.7%, $102M), and the second-largest in ARKF (5.9%, $66.2M).
The buying spree comes directly on the heels of Coinbase's pivotal "System Update" event, where the crypto exchange unveiled a sweeping expansion beyond digital assets. The company announced plans to roll out traditional stock trading, prediction markets, Solana DEX integration, derivatives, custom stablecoins, and payments services, positioning itself as an "everything exchange." Analysts viewed the announcements positively. Benchmark reiterated its buy rating and $421 price target, calling it a shift from "marketing language to a clearer execution roadmap." JPMorgan noted the expansion meaningfully increases user engagement, while Deutsche Bank initiated coverage with a buy rating and a $340 target, implying roughly 40% upside.
Despite the bullish news, Coinbase shares closed down 2% on Thursday at $239.20, reversing an early post-event pop. The stock is down 8.6% over the past month and 21.2% year-to-date. In a related move, Ark also purchased 575,644 shares of Solmate Infrastructure (Brera Holdings), worth $1.4 million. Solmate, a Solana-based Digital Asset Token (DAT) company, had previously secured funding backed by Ark Invest and the Solana Foundation.
