Cathie Wood’s ARK Invest doubled down on its crypto equity thesis on Monday, sweeping up more than $9.4 million worth of Coinbase and Circle stock across three of its actively managed ETFs while simultaneously offloading roughly half a million Roblox shares and shedding a chunky slug of Advanced Micro Devices.
The rotation played out on a session in which Circle sank 3.61% to $60.35 after a bruising Morgan Stanley downgrade, Coinbase drifted just 0.16% higher to $146.50 in the wake of last week’s rough earnings print, and Roblox actually finished 3.01% higher at $36.67, giving Wood a reasonably attractive exit on a name she has been trimming for months.
According to ARK’s daily trade notification dated August 3, the firm bought a combined 54,776 shares of Coinbase Global (NASDAQ: COIN), worth approximately $8.02 million at the close, and 23,070 shares of Circle Internet Group (NYSE: CRCL), worth about $1.39 million. The ARK Innovation ETF (ARKK) did the heavy lifting on both, picking up 38,761 COIN shares valued at roughly $5.68 million and 17,910 CRCL shares worth about $1.08 million.
The ARK Next Generation Internet ETF (ARKW) added another 11,133 COIN shares ($1.63 million) and 5,160 CRCL shares ($311,406), while the ARK Fintech Innovation ETF (ARKF) topped up its book with 4,882 COIN shares worth roughly $715,213.
Buying the Post-Earnings Bruise
The buying carries context. Coinbase posted a sharp Q2 2026 miss on July 30, reporting $1.22 billion in revenue against Street estimates near $1.30 billion and a GAAP loss of $1.36 per share versus a consensus estimate of $0.42. Revenue was down 18.5% year on year, and adjusted EBITDA of $207.8 million came in 31% below expectations.
The stock cratered more than 6% after hours before drifting sideways in the sessions that followed, and Wood’s ETFs have historically leaned into exactly this kind of pullback in the name.
The exchange did highlight some structural bright spots. Coinbase’s crypto trading volume market share hit a record 10.3% in Q2, its third straight quarter of gains, and management flagged that non-BTC spot trading now makes up 88% of net revenue, a diversification narrative that appears to underpin Wood’s continued conviction.
Circle, meanwhile, walked into Monday nursing a fresh downgrade from Morgan Stanley’s James Faucette, who cut the stock to Underweight and slashed his price target from $106 to a Street-low $38, warning that reserve income was under pressure from tokenized cash rivals and slower USDC growth.
The call landed on the same morning TD Cowen initiated coverage with a Buy rating and an $82 price target, producing one of the sharpest analyst splits on any crypto-linked stock this year. Circle reports Q2 earnings before the bell on Wednesday, with the Street looking for revenue of roughly $734 million and EPS near $0.19.
The Sell Side: Roblox, AMD, and a Long Tail
The disposals were where the day’s real narrative lived. ARKK sold 393,046 shares of Roblox (NYSE: RBLX), and ARKW offloaded another 112,705, a combined 505,751 shares worth roughly $18.5 million at the closing price of $36.67.
The stock had managed a 3.01% gain on the session, handing Wood a comparatively clean window to exit a name that has been under her hatchet through most of 2026. ARK also cut 30,727 shares of Advanced Micro Devices (NASDAQ: AMD) across ARKK (23,844) and ARKW (6,883), valued at roughly $14.9 million with the chipmaker closing at $484.64 ahead of its own Q2 earnings due after Tuesday’s bell.
The broader Monday tape carried a mix of crypto-adjacent and tech names. ARKK trimmed 251,094 shares of 10X Genomics (TXG), 18,729 of Snowflake (SNOW), and 18,060 of Natera (NTRA), while ARKW cut 12,413 CrowdStrike (CRWD), 8,766 Cloudflare (NET), and 6,154 more CRWD out of ARKF.
ARKF also dumped 49,416 DraftKings (DKNG) shares and 3,016 Roku (ROKU). Smaller trims of Solmate (SLMT) turned up across ARKF, ARKK, and ARKW.
On the buy side beyond crypto, Amazon (AMZN) was the day’s headline pick-up. ARK bought a combined 73,835 AMZN shares across all five of its flagship funds, with ARKK taking the biggest chunk at 39,083 shares. The stock closed at $284.02, up 4.58%.
ARKK also added 130,125 shares of CoreWeave (CRWV) and 28,853 of Cerebras Systems (CBRS), doubling down on the AI infrastructure trade, while ARKW mirrored the moves with 39,491 CRWV and 8,390 CBRS shares.
Circle Internet Group’s founding partner Coinbase was joined on the buy list by Cerebras and CoreWeave in the ARKK book as well, marking one of the day’s clearer bets on the intersection of AI compute and crypto-adjacent infrastructure. The space-focused ARKX and ARKQ funds together added 74,611 shares of Rocket Lab (RKLB), while ARKQ picked up 21,516 shares of Kodiak AI (KDK).
Reading the Rotation
Monday’s file extends a pattern that has defined ARK’s summer. The firm poured $43.5 million into Coinbase, Circle, and other crypto names late last month as digital-asset equities cratered, then followed with a series of Circle top-ups through July, including a $45 million push in a single month that took the firm’s July haul above 725,000 CRCL shares.
Wood has been dollar-cost averaging into a crypto-equity basket that is widely acknowledged to be underwater on a cost basis, treating the sell-off as mispricing rather than a broken thesis.
That thesis has a Washington overhang. Senate Majority Leader John Thune this week again flagged the CLARITY Act as one of the priorities lawmakers would try to clear before the August recess, though the market-structure bill still lacks a filed cloture motion or a scheduled floor vote.
Wall Street heavyweights including BlackRock, Fidelity, and Goldman Sachs have publicly endorsed the legislation, but with the Senate’s practical cut-off around August 7, most observers now treat 2026 passage as a coin-flip at best.
Coinbase and Circle are the two most visible public proxies for how that vote breaks, and their stocks have moved closely with headlines out of DC through the summer, including in the run-up to a rewritten Republican draft in late July.
The analyst read on Wood’s playbook remains split. Bulls point to Coinbase’s record 10.3% trading-volume market share, Base’s $32 trillion in annual stablecoin transfer volume, and the strategic value of the USDC distribution partnership that Circle and Coinbase are expected to renew this month.
Bears point to Morgan Stanley’s Street-low $38 target on Circle, the launch of Open USD by a rival consortium of more than 140 companies including Visa, Mastercard, and BlackRock, and the possibility that BlackRock’s newly announced tokenized money-market products will start eating into USDC’s reserve economics.
A revenue beat and any hint of stabilizing USDC growth would validate Wood’s summer-long dip-buying campaign and could squeeze the record short interest that has built up in CRCL. A miss, particularly on reserve income, would leave the ARK complex nursing a materially larger paper loss on one of its highest-conviction 2026 bets.
Also Read: Cathie Wood Bets $6.9M on Circle Stock Right After NYDFS Trust Charter Win
