Cathie Wood's Ark Invest made another significant purchase of Coinbase shares on Tuesday, adding nearly $4 million worth of COIN to three exchange-traded funds (ETFs).
Ark Invest Continues to Buy Coinbase Bottom Wave, Adds $4 Million Worth of COIN
The transaction, which follows a large purchase of Coinbase shares on Monday, reflects Ark's ongoing strategy to capitalize on market volatility.
Ark Invest purchased 19,892 Coinbase shares worth approximately $3.9 million on Tuesday. The purchases were distributed among Ark's three ETFs.
According to the firm's latest trading filings, 13,833 shares ($2.7 million) for the Innovation ETF (ARKK), 2,743 shares ($533,000) for the Next Generation Internet ETF (ARKW) and 3,316 shares ($644,000) for the Fintech Innovation ETF (ARKF). ).
This latest acquisition follows Ark's purchase of $17.8 million worth of Coinbase shares on Monday.
It is the first buyback since it purchased $21 million worth of COIN in June 2023. During this time, Coinbase's shares rose significantly by over 250%, causing Ark to sell shares at various points.
Ark Invest's strategy aims to provide diversification by preventing any one holding from exceeding 10% of the ETF portfolio. As a result, Ark is likely to continue adjusting its COIN holdings based on the stock's performance relative to other investments in its funds.
*This is not investment advice.