ARK Invest Acquires $17.8 Million of Coinbase's COIN and $11.2 Million of Robinhood's HOOD

ARK Invest, the investment management company of Cathie Wood, acquired $17.8 million of Coinbase's COIN and $11.2 million of Robinhood's HOOD.

ARK Invest, headed by Cathie Wood, has acquired $17.8 million of Coinbase's COIN and $11.2 million of Robinhood's HOOD through its ETFs, according to recent filings with the U.S. Securities and Exchange Commission (SEC).

ARK's substantial stock purchases of Robinhood and Coinbase follow the crypto market decline, which impacted crypto-related equities such as HOOD and COIN. As of August 5, COIN fell 7.32% to $189.47 and HOOD fell 8.17% to $16.42, according to TradingView data. The crypto and stock market crash on Monday was one of the most severe, with many coins suffering significant losses.

The stock market crash also led to major losses in the U.S. and Japanese stock markets. The Nikkei 225 Index suffered its biggest drop since 1987, falling 12%, while the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite also suffered major losses.

ARK acquired 93,797 Coinbase and 681,885 Robinhood shares through ARKK, ARKW, and ARKF. The investment firm also acquired significant stock from AMD Inc., Palantir Technologies Inc., Amazon.com Inc., Tesla Inc., and Meta Platforms Inc. On Monday, ARK's stock purchases amounted to over $70 million.

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In addition to crypto-related equities, ARK also acquired substantial holdings in spot Ether ETFs. According to TradingView data, ARK purchased shares of the 3iQ Ether Staking ETF for $1.7 million, out of a total offering of $21 million. The Cathie Wood-led firm acquired around 1 million shares through ARKW and the remaining shares through ARKF. The 3iQ Ether Staking ETF has risen by more than 24% since its launch in October.

CoinMarketCap data showed that most coins signaled signs of recovery within the past 24 hours. Bitcoin rose 10.73% in the past 24 hours, reaching $55,156 at the time of writing. However, the king coin suffered a 16.99% loss in the past seven days. XRP rose by over 10%, Ethereum by over 7%, Solana by 16.13%, and DOGE by 8.8%.

Stocks related to cryptocurrency, such as Riot Platforms, Microstrategy, and Coinbase, also rebounded. The NASDAQ Composite, S&P 500, and Dow Jones Industrial Average rose by 0.17%, 1.02%, and 0.9%, respectively. The Nikkei 225 Index also rose by 10%, recovering almost entirely from Monday’s crash.

Spot Bitcoin ETFs have seen an outflow since yesterday, with a total outflow of over $168 million. The net inflows of Spot Ether ETFs were still over $48 million.

Also Read: Ripple Prepares for the Launch of RLUSD Stablecoin with the Launch of New Website

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