Crypto: Ark Invest buys the dip on Coinbase and Circle, and balances Bullish

Red session, basket full. Cathie Wood's funds purchased approximately $6.6 million worth of Coinbase, Circle and Robinhood shares on Monday, November 2, while selling off approximately $2.3 million worth of Bullish securities. These amounts, estimated at closing prices, correspond to a net purchase balance of $4.3 million.

These operations come after Coinbase's quarterly results, whose net profit reached $719 million. An increase largely supported by the revaluation of cryptoassets held for investment.

Key Points

Ark Invest purchased 24,790 Coinbase, 35,657 Circle, and 7,703 Robinhood shares during the November 2 session.

The manager also sold 104,172 Bullish shares, for approximately $2.3 million.

Coinbase posts a net profit of $719 million, largely driven by unrealized capital gains; its adjusted net profit reached 78 million.

Prediction Markets exceeds $200 million in annualized revenue at Coinbase, without accounting for that much quarterly revenue.

Ark Invest strengthens three positions and reduces Bullish

The operations detailed in the Ark statement concern three ETFs: ARKK, ARKW and ARKF. Together, they purchased 24,790 shares of Coinbase, valued at approximately $3.4 million at the closing price of $137.83. The stock ended the session down 3.98%.

The manager also acquired 35,657 Circle shares, for approximately $2.6 million. The USDC issuer closed at $72.08, down 0.63%. Robinhood rounds out the purchases with 7,703 shares, or about $645,820 at a price of $83.84.

Conversely, Ark sold 104,172 Bullish shares, valued at approximately $2.35 million. The stock lost 5.69%, to $22.54. The difference with its debut on the stock market is notable. Introduced on the New York Stock Exchange in August 2025 at $37, the stock reached $118 during its first session. It is now trading around 39% below its IPO price.

These movements show a selective strengthening of Ark's exposure to the sector. However, they do not, on their own, establish the manager's motivations.

Coinbase diversifies its revenues, its profit benefits from revaluations

Coinbase reported $1.22 billion in quarterly revenue, almost flat with the previous quarter but down 35% year-over-year. However, its net profit increased by 66%, to $719 million.

Financial director Alesia Haas explains that this result comes largely from unrealized capital gains on cryptoassets held for investment. Adjusted net profit came to $78 million: the increase in accounting profit therefore does not reflect an equivalent increase in current activity.

Prediction markets nevertheless provide a new source of income. Coinbase announces that it has exceeded 200 million dollars annualized, compared to around 100 million in the previous quarter. This amount corresponds to a rate extrapolated over twelve months. Furthermore, subscriptions and services represent 49% of the group's net revenues.

At Robinhood, crypto revenue reaches $120 million, down 55% year-over-year. Event contracts are a separate business: they generated $173 million, more than six times their level a year earlier.