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Home BUSINESS

Ark Invest Seizes Market Dip with $17.8M Coinbase Share Purchase

Michael Juanico by Michael Juanico
August 6, 2024
in BUSINESS, CRYPTO, FINANCE
Reading Time: 2 mins read
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• Ark Invest bought $18 million worth of Coinbase (COIN) shares during a market slump on Monday
• The firm also purchased $11.2 million worth of Robinhood (HOOD) stock
• Ark offloaded shares in Block (SQ) and Ethereum Futures ETFs during the same period

Ark Invest, the investment firm led by Cathie Wood, bought $18 million worth of Coinbase stock on Monday as prices plunged across crypto markets.

JUST IN: Cathie Wood's Ark Invest bought 93,797 shares of Coinbase $COIN yesterday, worth $17.8 million pic.twitter.com/sy54OtFeyV

— BlockNews.com (@blocknewsdotcom) August 6, 2024

Ark Invest Buys $18 Million in Coinbase

Ark Invest purchased 93,797 Coinbase shares worth $18 million across three exchange-traded funds amid the broad market selloff.

According to the company’s latest trade filing, Ark bought 65,165 shares ($12.3 million) for its Innovation ETF (ARKK), 13,003 shares ($2.5 million) for its Next Generation Internet ETF (ARKW), and 15,629 shares ($3 million) for its Fintech Innovation ETF (ARKF).

This is the first time Ark has rebought Coinbase shares since acquiring $21 million worth in June 2023. Coinbase’s subsequent 250%+ rise led Ark to sell off its position numerous times.

Ark’s strategy involves limiting individual holdings to 10% of any ETF to maintain diversification. This means Ark will likely continue rebalancing if Coinbase rises or falls significantly.

Monday saw Ark take advantage of volatility around recession fears and geopolitics. Coinbase fell 7.3% to $18.97, its lowest since February, reducing year-to-date gains from over 75% to just 9.5%.

Purchases of Robinhood, Sales of Block and Ethereum ETFs

Ark also bought 681,885 shares in Robinhood worth $11.2 million as the stock fell 8.2%. However, Ark sold Block shares worth $2.6 million and $34 million worth of ProShares’ Ethereum ETF as crypto prices retreated.

Bitcoin dropped below $50,000 briefly while ether lost all 2022 gains, falling below $2,200. Both have recovered slightly, with Bitcoin at $55,156 and Ether at $2,460. The GMCI 30 rose 8.7% over 24 hours to 10,584.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Ark InvestBitcoinCathie WoodCoinbasecrypto
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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