Cathie Wood's ARK Investment Management executed a significant buying spree across crypto-related stocks and its own Bitcoin ETF as the broader market experienced a sharp downturn. The firm's purchases, made on February 3rd and 4th, 2026, totaled tens of millions of dollars and targeted companies like Coinbase, Circle, and Bullish, alongside Bitcoin mining firm BitMine Immersion Technologies.
ARK's specific acquisitions included over $1.3 million in Coinbase (COIN) stock, $8.7 million in Circle stock, $6 million in BitMine stock, and a $3.5 million expansion of its position in the Bullish exchange. Furthermore, ARK bought 135,131 shares of its own ARK 21Shares Bitcoin ETF, valued at approximately $3.4 million. These moves were part of a broader strategy where ARK also purchased shares in traditional tech like AMD after a 17% crash, adding a $28.2 million position across five of its ETFs.
The buying occurred against a backdrop of severe market stress. Bitcoin crashed below $70,000 on February 5th, marking its lowest price since November 2024 and resulting in a 24-hour loss of roughly 7.8%. The global crypto market cap fell to $2.59 trillion, with sentiment indicators flashing "extreme fear" and over $750 million in liquidations across the market. Corresponding stock prices fell: Coinbase dropped 4.36%, Circle fell 4.59%, and Bullish declined 3.93% on the day of Wood's purchases.
Within ARK's portfolio, these crypto stocks hold substantial weight. As of February 5th, Coinbase represents 4.29% of the ARK Innovation ETF (ARKK), making it the fund's fifth-largest holding. In the ARK Blockchain & Fintech Innovation ETF (ARKF), Coinbase is the third-largest holding at 5.55%. Circle holds 2.41% of ARKK and 3.34% of ARKF.
