ARK Invest bought $6.65m of crypto stocks after the Binance hack

Cathie Wood's ARK Invest bought about $6.65 million of crypto stocks on Monday after the Binance hack pushed the sector down, BTC-ECHO reported, citing ARK's published trade data. ARK sold one name at the same time.

The trades

• Coinbase: bought 25,000 shares worth $3.4 million;
• Circle: bought 35,000 shares worth $2.6 million;
• Robinhood: bought 7,700 shares worth about $650,000;
• Bullish: sold 104,000 shares worth $2.3 million.

Net, ARK put about $4.35 million into the group. By our calculation from the reported values, the average prices work out to roughly $136 per Coinbase share, $74 per Circle share, $84 per Robinhood share and $22 per Bullish share. These are estimates, not prices ARK disclosed.

Why the stocks fell

The selloff followed the Binance hack. Attackers took $6.3 billion, about $3 billion of it was frozen, and Binance paused withdrawals. TRM Labs and Chainalysis tied the theft to North Korea. When Binance reopened withdrawals, $3.64 billion left the exchange net in the first 9.5 hours.

Coinbase, Robinhood and Bullish earn fees when you trade, and a hack at the largest venue can keep traders away for weeks. ARK bought into that fear for three names and cut Bullish, the exchange operator that went public in 2025.

What ARK is betting on in Coinbase

Coinbase reported third-quarter results on 29 October. Net profit rose 66% year on year to $719 million from $433 million, helped by gains on its crypto holdings. Revenue came in at $1.22 billion, 35% lower than a year earlier.

Annualised revenue from prediction markets passed $200 million, about double the previous quarter's $100 million. Subscriptions and services made up 49% of net revenue, and paid Coinbase One subscribers hit a record, up 24% from a year earlier. Bernstein analysts said prediction markets, subscriptions and services helped offset weaker crypto trading.

That mix matters for a dip buyer. If trading volumes stay low after the hack, about half of Coinbase revenue still comes from lines that do not depend on them.

Buying the dip before

ARK has bought these names on falling prices before. On 25 June, as all four stocks fell, it bought 35,023 Robinhood shares for about $3.27 million through its flagship ARKK fund and added smaller lots of Coinbase, Circle and Bullish. Earlier that month it had sold about $29 million of Robinhood. This time it sold Bullish while buying the other three.

This is news, not investment advice. ARK's trades show what one fund did on one day and say nothing about where these stocks go next.