Cathie Wood-led investment firm Ark Invest took advantage of the recent market downturn by purchasing 64,358 Coinbase (COIN) shares worth $11.5 million on Monday.
Cathie Wood's Ark Invest Grabs $11.5 Million in Coinbase Stock Amid Market Drop
The purchase comes as Coinbase shares plunged 17.6% in a brutal trading session that saw heavy losses across crypto-related stocks.
Ark's latest purchases were split between the flagship Ark Innovation ETF (ARKK), which bought 52,753 shares ($9.4 million), and the Ark Fintech Innovation ETF (ARKF), which bought 11,605 shares ($2.1 million).
This follows Ark’s recent aggressive buying, which raised $8 million for its Next Generation Internet ETF (ARKW) last week and $8.7 million worth of Coinbase stock the week before. Ark has invested a total of $28.2 million in Coinbase stock over the past three weeks.
Coinbase Remains a Major Holding in Ark's Funds
Despite the recent decline, Coinbase remains an important part of Ark’s portfolio:
- COIN is the third-largest holding in ARKK behind Tesla and Roku, with a 7.1% weighting worth approximately $375.1 million.
- COIN is the second largest holding in ARKF after Shopify, with a 7.7% weight worth $65.7 million.
Ark’s investment strategy prevents any one stock from exceeding 10% of the fund’s portfolio, meaning further rebalancing is possible if Coinbase’s value fluctuates.
Crypto Stocks Fall as Market Faces Turmoil
Coinbase wasn’t the only crypto-related stock battered in Monday’s sell-off:
- Strategy (formerly MicroStrategy) fell 16.7%.
- Bitcoin mining giant MARA fell 16.3%.
- Bitcoin itself fell 7.6%, while the GMCI 30 index, which tracks the 30 largest cryptocurrencies, fell 8.4%.
*This is not investment advice.
