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The purchases came during a brutal week for cryptocurrencies. Bitcoin (BTC-USD) plunged more than 16% over the week and briefly fell below $60,000, its lowest intraday level since October 2024. The world’s largest cryptocurrency is now down roughly 30% year-to-date, as investors grapple with regulatory uncertainty, rising Treasury yields, and continued outflows from spot Bitcoin ETFs.
Wood Loads Up on Circle and Coinbase
Circle Internet Group (CRCL) – ARK’s largest purchase of the day was Circle, the stablecoin infrastructure company behind USDC. Wood bought 100,250 shares through the ARK Innovation ETF (ARKK), valued at approximately $9.07 million. Circle shares fell 11% on Friday. Despite the recent decline, Wall Street maintains a Moderate Buy consensus rating on the stock, with an average CRCL stock price target of $146.47, implying more than 82% upside potential.
Coinbase Global (COIN) – Wood also increased ARK’s exposure to Coinbase, purchasing 13,065 shares through ARKK for roughly $2.14 million. Coinbase shares dropped nearly 7% on Friday. Analysts currently rate the stock a Moderate Buy, with an average COIN price target of $235.83, suggesting nearly 55% upside from current levels.
