TLDR
- Ark Invest purchased 24,790 Coinbase shares worth approximately $3.4 million on November 2.
- The investment firm acquired 35,657 Circle shares valued at roughly $2.6 million.
- Ark Invest purchased 7,703 Robinhood shares worth approximately $645,820.
- The firm sold 104,172 Bullish shares valued at about $2.3 million as the stock declined 5.69%.
- Coinbase reported $719 million in third-quarter net income despite a 35% annual revenue decline.
Cathie Wood’s Ark Invest bought shares in Coinbase, Circle and Robinhood on November 2, even as all three stocks finished lower. The investment manager also reduced its stake in Bullish, according to daily trading disclosures covering its exchange-traded funds.
Ark Invest Adds Three Crypto-Linked Stocks
The firm purchased 24,790 Coinbase shares, worth about $3.4 million, through its ARKK, ARKW and ARKF funds. Coinbase fell 3.98% to close at $137.83. It also acquired 35,657 Circle shares, valued at about $2.6 million, as Circle declined 0.63%.
Ark bought 7,703 Robinhood shares for approximately $645,820 through ARKF. Robinhood shares lost 1.35% during Monday’s session. The firm sold 104,172 Bullish shares, worth around $2.3 million. Bullish dropped 5.69% to $22.54.
Coinbase Earnings Follow Ark’s Share Purchase
The transactions followed Coinbase’s third-quarter earnings report published October 29. Net income climbed 66% from a year earlier to $719 million. Revenue reached $1.22 billion, down 35% annually and almost unchanged from the second quarter.
Coinbase recorded about $715 million in gains on its cryptocurrency investments. Its adjusted net income stood at roughly $78 million. Morgan Stanley also cut Coinbase’s rating to Underweight from Equal-Weight on Monday. The bank lowered its price target to $120 from $258, citing weaker trading activity. Meanwhile, prediction markets passed $200 million in annualized revenue, up from about $100 million the previous quarter.
Robinhood Expands Beyond Crypto Trading
Robinhood reported third-quarter revenue of $1.424 billion, rising 12% from the previous year. Its cryptocurrency revenue reached $120 million, a 55% annual decline. Revenue from event contracts increased more than sixfold to $173 million.
Separately, Robinhood and Ripple announced plans to introduce the RLUSD stablecoin to retail customers before year-end. The companies also outlined wider settlement and treasury services. They have not announced an exact launch date.
Circle Earnings and Bullish Results Approach
Circle will release its third-quarter results on November 4. Analysts expect $788.17 million in revenue and earnings of $0.37 per share, based on TradingView estimates. Last week, Mizuho lowered its Circle price target to $43 from $45 and kept its Underperform rating.
Bullish plans to publish third-quarter earnings on November 18. Its previous quarterly report showed adjusted revenue of $92.6 million, up 62% from a year earlier. Ark’s reported sale followed several other reductions in its Bullish position during recent trading sessions.
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