TLDR
- Cathie Wood’s ARK Invest purchased $15.2 million in Coinbase stock Friday across ARKK, ARKW, and ARKF
- The purchase came after ARK sold $39 million in Coinbase shares on Feb. 5-6
- Coinbase stock rallied 16.4% to $164.32 on Friday during ARK’s buying activity
- Q4 earnings showed a $667 million loss with transaction revenue down 37% to $982.7 million
- Subscription revenue climbed 13% to $727.4 million, providing some offset to trading weakness
Cathie Wood’s ARK Invest jumped back into Coinbase shares on Friday with a $15.2 million purchase across three exchange-traded funds. The move reversed course from earlier this month when the firm dumped nearly $39 million worth of the crypto exchange’s stock.
ARK bought 66,545 Coinbase shares through the Innovation ETF (ARKK), 16,832 shares via the Next Generation Internet ETF (ARKW), and 9,477 shares through the Fintech Innovation ETF (ARKF). The purchases were revealed in ARK’s daily trade disclosures.
The buying came as Coinbase stock surged. Shares closed at $164.32, up 16.4% on the session. The rally continued in after-hours trading, bringing the total value of ARK’s purchases to approximately $15.2 million.
Quick Reversal From Recent Sales
The purchase marks a rapid shift in strategy. ARK sold roughly $17.4 million in Coinbase stock on Feb. 5, its first trim of 2026 and first reduction since August 2025. The firm followed up with another $22 million sale the next day while adding to its position in digital asset platform Bullish.
The trading pattern suggests Wood’s team is taking a more tactical approach rather than holding a fixed allocation. The firm appears willing to sell into strength and buy on pullbacks.
Coinbase had been a drag on ARK’s performance lately. The exchange ranked as the top detractor across several Wood-managed ETFs in Q4 2025 as crypto markets weakened. Coinbase shares fell harder than Bitcoin and Ethereum during that stretch.
Earnings Miss Expectations
The renewed buying follows disappointing fourth-quarter results. Coinbase reported a $667 million net loss, snapping an eight-quarter winning streak. Earnings per share landed at 66 cents versus analyst estimates of 92 cents.
Net revenue dropped 21.5% year-over-year to $1.78 billion. Transaction revenue bore the brunt of the decline, falling 37% to $982.7 million as trading volumes dried up during the crypto downturn.
The picture wasn’t entirely grim. Subscription and services revenue jumped more than 13% to $727.4 million. This shows progress in building revenue streams beyond trading fees.
First Quarter Outlook
Coinbase said it brought in $420 million in transaction revenue early in Q1. However, management warned that subscription and services revenue would likely decline in the current quarter.
ARK also increased its Roblox position on Friday, purchasing shares across the same three ETFs. Roblox finished trading near $63.17 on the New York Stock Exchange.
The $15.2 million purchase indicates Wood’s firm sees opportunity in Coinbase after the recent slide. The 16.4% single-day pop suggests other investors may be reaching similar conclusions. Coinbase generated $420 million in transaction revenue early in the first quarter but expects subscription revenue to decline.
