ARK Buys Coinbase and Circle, Sells Bullish Shares

ARK Invest bought shares in Coinbase and Circle and sold part of its Bullish stake across two trading sessions, according to the firm’s daily trade disclosures. From Friday through Monday, its funds purchased 64,208 Coinbase shares and 110,551 Circle shares, while selling 342,545 Bullish shares. The trades were made through ARK’s exchange-traded funds. On Monday, ARK bought 24,790 Coinbase shares, valued at about $3.4 million, and sold 104,172 Bullish shares, worth about $2.3 million. The firm also bought 35,657 Circle shares for about $2.6 million and 7,703 Robinhood shares for about $645,820 that day. Based on closing prices cited in reports of the disclosures, ARK’s purchases over the two sessions were valued at roughly $9 million in Coinbase and $8 million in Circle. The Bullish sales were valued at about $8 million. ARK did not state a reason for the trades, so the disclosures do not establish whether they reflect a broader investment strategy or a temporary adjustment. The Monday activity coincided with a downgrade of Coinbase by Morgan Stanley analyst Michael Cyprys. He lowered the rating to Underweight from Equal Weight and cut the price target to $120 from $258. The...