ARK Invest bought a combined $9.42 million in Coinbase and Circle shares on Aug. 3, expanding its exposure to two of the most prominent publicly traded crypto infrastructure companies while the Senate discussed the CLARITY Act, a bill that could reshape U.S. digital asset oversight.
The firm, led by Cathie Wood, spread the Coinbase purchase across three exchange-traded funds. The ARK Innovation ETF acquired 38,761 shares worth roughly $5.68 million, the ARK Next Generation Internet ETF added 11,133 shares valued at $1.63 million, and the ARK Fintech Innovation ETF bought 4,882 shares for about $715,000. The total Coinbase investment came to 54,776 shares, or $8.02 million, at the Aug. 3 closing price of $146.50.
Circle, the stablecoin issuer, also saw fresh buying. ARK Innovation ETF purchased 17,910 Circle shares for approximately $1.08 million, while ARK Next Generation Internet ETF bought another 5,160 shares worth about $311,000. Together, those Circle purchases totaled 23,070 shares at $1.39 million, bringing the combined daily outlay to $9.42 million.
The buys came as both stocks traded under pressure. Coinbase fell over 14% after its second-quarter earnings report, which showed gains in prediction markets and record trading market share but failed to satisfy investors worried about weak crypto trading conditions. JPMorgan described the quarter as reflecting a difficult environment, while Bernstein said investors wanted stronger execution. Coinbase rebounded 0.16% on Aug. 3 to $149.12 on Aug. 4, but remained below key Fibonacci resistance at $156.99, with the MACD indicator still bearish.
Circle shares, meanwhile, ended Aug. 3 down 3.61% at $60.35, extending a year-to-date decline of around 25%. Bernstein recently cut its Circle price target from $190 to $140 but kept an Outperform rating, expecting concerns over USDC competition to ease. Circle’s stock bounced 3.66% on Aug. 4 to $62.56, though it stayed below its 20-day and 50-day moving averages.
ARK’s trading pattern—buying into weakness and trimming after rallies—was also evident in its sale of another 5,700 shares of Solmate Infrastructure, a Solana-focused treasury company that has lost roughly 99% of its value. The contrasting moves highlight ARK’s preference for established, revenue-generating crypto businesses over struggling digital asset treasuries.
The CLARITY Act remained a key backdrop. Senate Majority Leader John Thune listed crypto market structure among priorities before the August recess, but the bill had not yet appeared on the floor schedule. Analyst Ted Pillows noted that a cloture filing by Wednesday could push a vote to Friday, leaving a narrow procedural window. ARK’s purchases suggest the firm sees long-term value in regulated crypto infrastructure regardless of the bill’s immediate fate.
