Cathie Wood’s Ark Invest bought more Coinbase shares on Thursday, even as the stock fell to a fresh 52-week low during a sweeping sell-off in U.S. technology and crypto markets. The firm’s Ark Innovation ETF purchased 17,806 Coinbase shares worth approximately $2.44 million, according to its latest trading disclosure. Ark also reduced exposure to other crypto-linked names, selling 109,522 shares of Bullish for about $2.27 million and 119,841 shares of Bitmine for about $2.28 million.
Coinbase closed at $136.82, down 9.69% from its prior close of $151.50, after touching a 52-week low of $133.50 during the session. The decline mirrored the broader market rout: the Nasdaq Composite dropped 5.52%, its worst day since April 2025, while the S&P 500 lost 4.36% and the Dow Jones Industrial Average fell 3.44%.
AI-related equities were among the hardest hit after Democrats’ midterm election victory raised concerns about a potential slowdown in AI development. Nvidia fell 9.26%, wiping out its gains for the year, and AMD dropped 17.26%. Ark used the weakness to add 252,592 Nvidia shares worth roughly $45.9 million, 48,984 AMD shares worth about $19.8 million, and 393,774 SpaceX shares worth roughly $48.7 million.
In crypto markets, Bitcoin traded down 5.8% over 24 hours at $75,908, while Ethereum fell 8.2% to $2,234. The selling also extended into Asia on Friday morning, with South Korea’s Kospi down 3.6% around noon after a nearly 9% intraday plunge briefly triggered a trading halt, and Japan’s Nikkei 225 falling 5.3%.
Wall Street analysts remain split on Coinbase. Morgan Stanley cut the stock to Underweight and lowered its price target to $120 from $258, citing weaker confidence in an earnings recovery. Cantor Fitzgerald kept an Overweight rating and a $212 target, while Keefe, Bruyette & Woods maintained Outperform but trimmed its target to $221 from $237.
In other developments, New Jersey dropped its lawsuit over Coinbase’s staking program and lifted its cease-and-desist order, though disputes remain in four other states. Coinbase also said the Binance hack did not affect it and noted that it keeps more than 99% of customer crypto offline.
