Cathie Wood’s ARK Invest bought about $9.4 million worth of Coinbase and Circle shares on Aug. 3 as the U.S. Senate considered its next steps on the CLARITY Act.
Summary
- ARK Invest purchased 54,776 Coinbase shares worth about $8.02 million across three ETFs.
- Two ARK funds added 23,070 Circle shares valued at roughly $1.39 million.
- Coinbase rebounded to $149.12, but bearish momentum and resistance near $157 remain.
- Senate leaders have listed the CLARITY Act as a priority, though no floor vote is scheduled.
ARK Invest adds $8 million in Coinbase shares
ARK Invest spread its Coinbase purchase across three exchange-traded funds, according to the firm’s latest trade disclosure.
The ARK Innovation ETF bought 38,761 Coinbase shares, making it the largest buyer among the three funds. Based on Coinbase’s Aug. 3 closing price of $146.50, the transaction was worth approximately $5.68 million.
ARK’s Next Generation Internet ETF added another 11,133 shares valued at about $1.63 million. The ARK Fintech Innovation ETF purchased 4,882 shares worth roughly $715,000.
Combined, the three ETFs acquired 54,776 Coinbase shares for approximately $8.02 million.
Coinbase closed the Aug. 3 session 0.16% higher. The purchase expanded ARK’s exposure to one of the largest publicly traded U.S. cryptocurrency exchanges while the broader digital asset market remained under pressure.
Circle purchase lifts ARK’s combined investment to $9.4 million
ARK also added shares of stablecoin issuer Circle Internet Group through two of its funds.
The ARK Innovation ETF purchased 17,910 Circle shares valued at approximately $1.08 million based on the stock’s $60.35 closing price. The ARK Next Generation Internet ETF bought another 5,160 shares worth about $311,000.
Those transactions brought ARK’s total Circle purchase to 23,070 shares, valued at roughly $1.39 million. Together with the Coinbase trades, ARK spent approximately $9.42 million on the two crypto-related stocks.
Circle fell 3.61% on Aug. 3 despite ARK’s purchase. Its shares have been consolidating near their recent lows after a prolonged decline from levels above $130.
The daily chart showed Circle rebounding to $62.56 on Aug. 4, up 3.66% during the session. However, the stock remained below its 20-day simple moving average at $63.73 and well below its 50-day average at $75.55.
Circle’s Chaikin Money Flow reading improved to 0.03, indicating slightly positive capital flow. A sustained close above $63.73 could strengthen the short-term recovery, while the $60 area remains an immediate support zone.
Coinbase and Circle stocks face technical resistance
Coinbase traded at $149.12 on Aug. 4, gaining 1.78% after recovering from an intraday low of $145.60. The rebound followed a recent test of the $139.25 support level.
However, the stock remained below the 78.6% Fibonacci retracement level at $156.99. That level represents the first major barrier to a broader recovery, followed by resistance at $170.93.
Coinbase’s relative strength index stood at 42.44, below the neutral 50 level. Its moving average convergence divergence indicator also remained bearish, with the MACD line below its signal line and the histogram in negative territory.
The readings suggest that buyers have defended the recent low but have not yet reversed the broader bearish momentum. A break below $139.25 would weaken the setup, while a close above $156.99 could open a move toward $170.93.
CLARITY Act remains absent from Senate schedule
ARK’s purchases came as Senate leaders continued discussions over the CLARITY Act, a proposed framework for dividing oversight of the U.S. digital asset market between federal regulators.
Senate Majority Leader John Thune included crypto market structure among the chamber’s remaining priorities before its August recess.
“We have a bunch of stuff that we have to finish, and we’ll just stay here until we finish it,” Thune said.
On the bill’s prospects, he added, “I think market structure we’ll get a vote on. Whether we can get on it or not, we’ll see.”
Despite those remarks, the CLARITY Act has not appeared on the Senate’s official floor schedule. The chamber has scheduled action on H.R. 6500, while no motion to proceed with H.R. 3633 has been announced.
Analyst Ted Pillows said a cloture filing on Wednesday would likely push the earliest possible vote to Friday. That leaves lawmakers with a narrow procedural window before the recess, while Coinbase and Circle investors await greater clarity on the bill’s prospects.
