ARK Invest Defies Tech Selloff with AI, Crypto Bets

Cathie Wood's ARK Invest made significant moves in its portfolio on Monday, November 24, 2025, with a $31.3 million purchase of CoreWeave Inc. (NASDAQ: CRWV) shares and a $588,000 investment in Circle Internet Group (NASDAQ: CRCL), while selling off a $26.8 million stake in GitLab Inc. (NASDAQ: GTLB). The trades underscore ARK's strategic focus on AI infrastructure and cryptocurrency-related equities, despite a broader market selloff in tech and crypto sectors.

CoreWeave, a key beneficiary of ARK's buying spree, has seen its stock rebound after a sharp decline earlier in the year. The AI cloud infrastructure provider reported a 210.3% year-over-year revenue surge to $1.21 billion in Q2 2025, driven by surging demand for cloud-native AI compute capacity and its early adoption of NVIDIA's Blackwell GPU lineup. However, the company's adjusted net loss widened due to aggressive scaling efforts, raising questions about short-term profitability. ARK's multi-day accumulation of CoreWeave shares—totaling over 788,000 shares since Friday—suggests the firm views the stock as a long-term play on AI's infrastructure needs.

The strategic logic for CoreWeave's investment is further bolstered by its recent $9 billion all-stock acquisition of data center operator Core Scientific (NASDAQ: CORZ). The deal, announced in late October, grants CoreWeave direct ownership of 1.3 gigawatts of power capacity and access to an additional 1 GW for future expansion, positioning it to dominate the energy-intensive AI market. While the stock initially dipped post-announcement due to concerns over share dilution, ARK's buying activity indicates confidence in the acquisition's long-term value proposition. Analysts note the move eliminates future leasing costs and secures a critical resource for AI's growth, giving CoreWeave a competitive edge over rivals like Microsoft and Amazon.

ARK's crypto-related purchases also stood out. The firm added shares of Circle, the stablecoin issuer, and Bullish (NYSE: BLSH), a Peter Thiel-backed crypto exchange, as Bitcoin prices fell to $87,000 amid broader market panic. Wood's firm has been aggressively "buying the dip" in crypto assets for weeks, including a $10 million investment in Coinbase (NASDAQ: COIN) and a $9 million stake in BitMine (NASDAQ: BMNR) according to reports. These moves align with ARK's long-term bullish stance on digital assets, despite recent volatility. Wood's revised Bitcoin price target of $1.2 million by 2030—down from a previous $1.5 million—reflects her adjusted expectations for macroeconomic conditions.

The trading activity contrasts with ARK's GitLab divestment. The firm has been gradually trimming its position in the software development platform for weeks, selling over 1.3 million shares since late October. GitLab's board recently expanded with leaders from philanthropy and finance, aiming to scale its mission of improving economic mobility according to announcements. However, ARK's sales suggest skepticism about the stock's near-term prospects amid broader tech sector weakness.

CoreWeave's stock, trading at $73.60 as of Monday, remains a high-risk, high-reward bet. While the company's revenue backlog exceeds $55.6 billion and analysts project a 120% growth to $12 billion in 2026, its operating margin contraction and heavy debt load pose challenges. ARK's continued support, however, highlights the firm's belief in CoreWeave's role in powering the AI revolution—a sector expected to drive global economic growth through the decade.