TLDR
- ARK Invest bought $15.2 million in Coinbase stock across three ETFs on Friday after selling $39 million earlier this month
- Coinbase shares surged 16.4% to $164.32 on the day of ARK’s purchase
- The buying reverses course from Feb. 5-6 when ARK sold Coinbase shares and increased its position in Bullish
- Coinbase reported a $667 million Q4 loss, ending eight quarters of profitability, with EPS of 66 cents missing estimates of 92 cents
- Transaction revenue dropped 37% to $982.7 million while subscription and services revenue rose 13% to $727.4 million
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Cathie Wood’s ARK Invest snapped up nearly $15.2 million worth of Coinbase shares on Friday, reversing a selling spree from just days earlier. The move came as the crypto exchange’s stock jumped more than 16% in a single session.
ARK purchased 66,545 shares through its flagship ARK Innovation ETF (ARKK), along with 16,832 shares via the Next Generation Internet ETF (ARKW) and 9,477 shares through the Fintech Innovation ETF (ARKF). The purchases were disclosed in the firm’s daily trade reports.
Coinbase stock closed at $164.32, up 16.4% on the day. The shares continued climbing in after-hours trading. The rally pushed the total value of ARK’s Friday purchases to about $15.2 million.
The buying marks a quick turnaround for Wood’s firm. On Feb. 5, ARK sold roughly $17.4 million in Coinbase stock, marking its first trim of 2026 and the first reduction since August 2025. The selling continued the next day when ARK offloaded another $22 million worth of shares across multiple ETFs while boosting its stake in digital asset platform Bullish.
The back-and-forth trading suggests ARK may be taking a tactical approach to its Coinbase position. Wood’s firm appears willing to sell on strength and buy on weakness rather than maintaining a static allocation.
Coinbase Becomes Top Detractor
Coinbase had been weighing on ARK’s performance in recent months. The exchange became the top detractor across several of Wood’s ETFs in the fourth quarter of 2025 as crypto markets pulled back. During that period, Coinbase shares fell more sharply than both Bitcoin and Ethereum.
The latest buying spree follows Coinbase’s disappointing Q4 earnings report. The exchange posted a net loss of $667 million, ending an eight-quarter streak of profitability. Earnings per share came in at 66 cents, below analyst expectations of 92 cents.
Net revenue declined 21.5% year-over-year to $1.78 billion. Transaction revenue took the biggest hit, dropping nearly 37% to $982.7 million as crypto trading volumes cooled during the market downturn.
Revenue Mix Shifts
The earnings weren’t entirely bleak. Subscription and services revenue rose more than 13% to $727.4 million, partially offsetting the weakness in trading activity. This suggests Coinbase is making progress in diversifying its revenue streams beyond transaction fees.
The company said it generated $420 million in transaction revenue early in the first quarter. However, management expects subscription and services revenue to decline in the current period.
ARK also increased its stake in Roblox on Friday, buying shares across ARKK, ARKW and ARKF. Roblox closed near $63.17 on the New York Stock Exchange.
The renewed buying activity suggests Wood’s firm sees value in Coinbase after the recent selloff. The 16.4% single-day surge indicates other investors may be reaching the same conclusion. Coinbase generated $420 million in transaction revenue early in Q1 but expects subscription and services revenue to decline.
