ARK also bought 364,044 shares of Bullish worth roughly $11.6 million across three ETFs. The Bullish purchase was the tenth consecutive trading day that ARK added to its position in the company. During the same period, Robinhood shares fell nearly 9% after reporting fourth-quarter 2025 net revenue of $1.28 billion, below Wall Street expectations of $1.34 billion. Robinhood also launched the testnet for its layer-2 Robinhood Chain. ARK did not add to its Coinbase stake after selling $17 million worth of shares the previous week. Meanwhile, US spot Bitcoin ETFs recorded $276.3 million in net outflows, reducing weekly inflows to $35.3 million.
ARK Doubles Down on Crypto Stocks
ARK Invest, the asset management firm led by longtime Bitcoin advocate Cathie Wood, increased its exposure to several crypto-linked equities on Wednesday as Bitcoin briefly slipped below the $66,000 level. The purchases came during a pullback in digital asset markets and related stocks.
According to a trade notification, ARK acquired 433,806 shares of Robinhood, valued at approximately $33.8 million. In addition, the firm bought 75,559 shares of Circle valued at roughly $4.4 million. All of the stocks were trading lower on the day of the purchases, with Robinhood shares falling nearly 9%.
Robinhood share price over the past week (Source: CoionCodex)
While ARK added to its positions in Robinhood and Circle, it did not increase its stake in Coinbase. The decision followed a $17 million sale of Coinbase shares by ARK the previous week, which certainly suggests that it is taking a more selective approach to crypto equity exposure.
Robinhood’s stock activity coincided with the company’s testnet launch of Robinhood Chain, which is a permissionless layer-2 blockchain designed for financial services and tokenized real-world assets. The company also recently reported record fourth-quarter net revenue of nearly $1.28 billion for 2025, which was a 27% year-over-year increase.
However, the figure fell short of Wall Street expectations of $1.34 billion, which contributed to an approximately 8% decline in the stock. On Feb. 11, Robinhood became the largest crypto-linked holding in ARK’s flagship ARK Innovation ETF, accounting for about 4.1% of the portfolio, or roughly $248 million.
The weakness in crypto-related equities reflected the overall pressure across digital asset markets. US spot Bitcoin exchange-traded funds (ETFs) saw $276.3 million in net outflows on Wednesday, almost erasing the gains accumulated earlier in the week. Weekly inflows were reduced to just $35.3 million, while total assets under management fell to $85.7 billion, the lowest level since early November of 2024.
Despite the turbulence, Bitcoin was trading at around $67,075 at press time, up 0.33% over the past 24 hours, according to CoinCodex data.
BTC’s price action over the past 2 hours (Source: CoinCodex)
ARK Builds Bullish Position for 10th Day
ARK Invest also bought more shares of Bullish on Wednesday. According to the firm’s latest trading disclosures, ARK acquired 364,044 shares of Bullish across three of its exchange-traded funds. Based on Wednesday’s closing price, the purchase was valued at approximately $11.6 million.
Interestingly, the transaction was the tenth consecutive trading day that ARK increased its position in the Peter Thiel-backed crypto exchange.
Bullish shares have experienced a lot of volatility in recent sessions. After dropping to a closing low of $24.90 on Feb. 9, the stock rebounded sharply, climbing 28.3% over the following five days. Despite that recovery, Bullish ended Wednesday’s session at $31.88, down 0.5% on the day, due to softness in equity markets.
ARK’s investment approach is guided by a strict diversification framework that prevents any single holding from exceeding 10% of a fund’s total portfolio. This rule is designed to limit concentration risk and maintain balanced exposure across its strategies. As a result, ARK frequently rebalances its positions when the value of individual stocks fluctuates a lot relative to other holdings. Should Bullish or other crypto-linked equities appreciate sharply, the firm may trim its stake to maintain its allocation targets.
The overall equity backdrop on Wednesday was very subdued. Major US indexes edged lower, with the Dow Jones Industrial Average slipping 0.1% and the Nasdaq Composite declining 0.2%. The S&P 500 finished the session flat. The modest pullback in traditional markets provided a cautious backdrop for growth-oriented and crypto-exposed stocks.
ARK’s continued buying streak in Bullish, along with additional exposure to Circle, could mean that the firm is still confident in the long-term trajectory of crypto market infrastructure companies. While short-term price movements have been uneven, ARK seems to be positioning its funds to benefit from future expansion in digital asset trading, stablecoin adoption, and institutional participation.
