Crypto pullback dents ARK ETFs as Coinbase and Roblox weigh on returns

A pullback in crypto markets during the fourth quarter of 2025 weighed on several of Cathie Wood’s ARK exchange-traded funds, ARK Invest said in its quarterly report released Wednesday, revealing sensitivity to digital asset performance. ARK said weakness in crypto-linked equities, led by Coinbase, was a key drag on performance.

Coinbase was among the largest detractors across ARKW, ARKF and ARKK, with its shares declining more sharply than Bitcoin and Ether as spot trading volumes on centralized exchanges fell 9% quarter‑over‑quarter following October’s liquidation event. ARK said market conditions remained challenging despite Coinbase hosting a product event showcasing long‑term strategic ambitions.

Roblox was the second‑largest detractor across several ARK ETFs. The stock fell during the quarter after the company reported 51% year‑over‑year bookings growth in the third quarter but warned operating margins would decline in 2026 due to higher spending on infrastructure and safety; Roblox also faced pressure after Russia banned the platform, affecting roughly 8% of its daily active users, the report said.

ARK reported that crypto exposure now accounts for roughly 13.7% of ARKW, 14.6% of ARKF and about 7.4% of ARKK, with holdings including Robinhood Markets, Circle, Block and spot Bitcoin exposure via the ARK 21Shares Bitcoin ETF.

Key Topics

Crypto, Ark Etfs, Coinbase, Roblox, Bitcoin, Cathie Wood