TLDR
- Ark Invest bought $3.4 million of Coinbase, $2.6 million of Circle and $645,820 of Robinhood on Monday.
- The firm sold $2.3 million of Bullish as that stock fell 5.69%.
- Morgan Stanley downgraded Coinbase to Underweight and cut its price target to $120 from $258.
- Coinbase reported third-quarter net income of $719 million, up 66% from a year earlier.
- Circle reports earnings on Nov. 4, and Bullish reports on Nov. 18.
Cathie Wood’s Ark Invest bought shares of Coinbase, Circle and Robinhood on Monday. It sold shares of Bullish the same day. All four stocks closed lower.
Robinhood Markets, Inc., HOOD
Ark bought 24,790 Coinbase shares, worth about $3.4 million. The purchases went through its ARKK, ARKW and ARKF funds. Coinbase closed down 3.98% at $137.83.
The firm also bought 35,657 Circle shares, worth about $2.6 million. The shares were bought through ARKF, ARKK and ARKW. Circle stock fell 0.63% to close at $72.08.
Ark added 7,703 Robinhood shares through ARKF. That trade was worth about $645,820 at the closing price of $83.84. Robinhood shares fell 1.35%.
Ark Sells Bullish Shares as Stock Drops
Ark sold 104,172 Bullish shares, worth about $2.3 million. The sales went through ARKF, ARKK and ARKW. Bullish fell 5.69% to close at $22.54.
Ark had bought Circle shares earlier. It purchased 35,403 shares through ARKW on Oct. 27.
The firm also bought 99,418 Robinhood shares across three funds on Oct. 28. That trade was worth about $9.1 million at that day’s close.
Coinbase Earnings and Analyst Downgrade
Coinbase reported third-quarter results last week. Net income rose 66% from a year earlier to $719 million. Total revenue was $1.22 billion, flat from the prior quarter and down 35% from a year ago.
Coinbase’s prediction markets business passed $200 million in annualized revenue. That figure doubled from about $100 million in the previous quarter.
Bernstein analysts said growth in prediction markets and in subscription and services revenue helped offset softer crypto trading activity. They made the comments on Friday.
Morgan Stanley analyst Michael Cyprys downgraded Coinbase on Monday. He moved the rating to Underweight from Equal-Weight. He cut his price target to $120 from $258.
Cyprys cited weaker trading activity and a softer revenue outlook. He also pointed to uncertainty following the Binance hack.
Robinhood reported record third-quarter revenue of $1.424 billion last week, up 12% from a year earlier. Event-contract revenue rose more than sixfold to $173 million.
Robinhood’s cryptocurrency revenue fell 55% to $120 million. The company declined to give a 2026 outlook for total operating expenses. It cited uncertainty around credit losses and regulatory costs.
In October, the Office of the Comptroller of the Currency issued a final rule on payment stablecoin issuance. The rule covers entities under its jurisdiction. Circle issues the USDC stablecoin.
Bitcoin market watchers were split ahead of Tuesday’s U.S. midterm elections. Some said Bitcoin had already bottomed. Analyst Ali Martinez flagged $73,000 as a key level to watch.
Circle will report third-quarter earnings on Nov. 4. Analysts expect revenue of $788.17 million and earnings of $0.37 per share, according to TradingView. Bullish is due to report on Nov. 18.
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