Wood Seizes Crypto Selloff Opportunity

Cathie Wood's Ark Invest has been buying the dip in Coinbase Global and Circle Internet Group after their shares slid following disappointing earnings. The firm added nearly $10 million worth of beaten-down crypto stocks, with a focus on companies building core digital-asset infrastructure.

The purchases include 54,776 Coinbase shares worth around $8 million, which brings Coinbase's position in the ARK Innovation ETF (BATS:ARKK) to 4.2% of the portfolio, valued at roughly $238 million. Circle Internet Group also saw a boost, with Ark Invest buying 23,070 shares worth about $1.4 million.

Cathie Wood has consistently used sharp pullbacks as an opportunity to increase exposure to high-conviction innovation themes, including cryptocurrency. Despite analyst downgrades and earnings disappointments, the firm remains bullish on crypto, viewing it as a long-term bet.