Cathie Wood’s ARK Invest Buys $18.4M in Coinbase Stock as COIN Rebounds

Cathie Wood’s ARK Invest has strengthened its position in Coinbase (NASDAQ: COIN), purchasing more than $18 million worth of shares after the cryptocurrency exchange’s stock declined during the previous trading session. The move signals continued confidence in Coinbase’s long-term growth prospects despite mixed opinions from Wall Street analysts.

Coinbase stock closed at $164.92 on June 17, down 2.57% for the day. Taking advantage of the pullback, ARK Invest acquired a total of 111,799 Coinbase shares valued at approximately $18.4 million across three of its exchange-traded funds (ETFs).

According to the latest filing, the ARK Innovation ETF (ARKK) made the largest purchase, adding 82,556 Coinbase shares worth about $13.61 million. The ARK Next Generation Internet ETF (ARKW) bought 20,268 shares valued at roughly $3.34 million, while the ARK Fintech Innovation ETF (ARKF) acquired an additional 8,975 shares worth around $1.48 million.

Following the disclosure, Coinbase stock rose 2.3% in pre-market trading on June 18, reaching $168.70. The rebound comes as investors assess Coinbase’s latest product launches unveiled during its recent System Update event.

Analyst sentiment on Coinbase remains divided. Barclays maintained its underweight rating and kept its price target at $107, suggesting caution despite the company’s recent initiatives. In contrast, Benchmark reaffirmed its buy rating and $270 price target, highlighting Coinbase’s evolution beyond a traditional crypto brokerage. Bernstein also maintained its bullish outlook with a Street-high price target of $330, while Cantor Fitzgerald reiterated its buy rating and $250 target, citing ongoing product innovation and business expansion as key growth drivers.

In addition to the Coinbase purchase, ARK Invest made several notable portfolio adjustments. The firm sold 275,572 Robinhood shares valued at approximately $28.5 million after the stock surged 8.78% to close at $105.20, potentially indicating profit-taking activity. ARKK also purchased 236,759 shares of Block Inc., valued at around $17.24 million.

The Coinbase investment follows another major ARK transaction involving SpaceX. Earlier this month, ARK acquired more than 3.29 million shares of SpaceX through multiple ETFs. The position’s value reportedly increased from roughly $529.7 million to more than $631 million within a matter of days, underscoring the firm's aggressive investment strategy in high-growth technology, crypto, and AI-related sectors.