Cathie Wood's Ark Invest Buys Coinbase Shares, Robinhood Stock, and Dumps Block

During the bloodbath that plagued financial markets on Monday, Cathie Wood's investment management firm Ark Invest loaded up on shares of the largest American cryptocurrency exchange, Coinbase, ending months of selling the stock.

As the bloodbath that plagued financial markets on Monday showed no mercy, Cathie Wood’s investment management firm Ark Invest was among those feeling the heat. However, the company used the market’s downturn to its advantage, purchasing shares of the largest American cryptocurrency exchange, Coinbase.

After months of selling the stock, Ark Invest finally decided to up its COIN stash again. As per a tweet from the company outlining its trade activity for August 5, the company purchased 93,797 Coinbase shares (COIN), worth approximately $17.8 million at an average price of $189 per share.

The purchases were made through three exchange-traded funds (ETFs) by Ark Invest. The ARK Innovation ETF (ARKK) acquired 65,165 COIN, valued at $12.3 million, while the Ark Fintech Innovation ETF (ARKF) purchased 15,629 COIN, worth $3 million. Lastly, the ARK Next Generation Internet ETF (ARKW) bought 13,003 shares, valued at $2.5 million.

This marks Ark Invest’s first purchase of Coinbase shares since June 2023, when the company bought $21 million worth of COIN. Following that purchase, the asset management giant has been offloading the Coinbase stock to realize profits as the asset surged in value alongside the crypto market.

CryptoPotato reported on some of these sales in March and May this year. In mid-March, Ark Invest executed its second-largest weekly COIN sale since July 2023, offloading roughly $150 million in shares, amounting to 580,000. Towards the end of that month, the company slashed its holdings again by 74,291 COIN, valued at $20.8 million. Ark made another huge sale in early May, offloading 70,616 COIN for $15 million.

At the time of these sales, especially in mid-March, bitcoin (BTC) was on a northward trajectory, hitting an all-time high of $73,000 and dragging the crypto industry along with it. Crypto stocks were not left behind as shares like COIN surged above $280 from the $117 level it hovered around in early February.

Not Just Coinbase

While Ark Invest was busy increasing its COIN stash in preparation for future rallies, the company also saw the market’s recent plunge as an opportunity to up its game. The Coinbase stock fell as low as $173 on Monday before recovering slightly to $197. According to TradingView data, the asset was trading at $191 at the time of writing.

Interestingly, COIN was not the only crypto-related stock Ark Invest purchased on Monday. The firm also acquired 681,885 shares in the crypto and stock trading app Robinhood. On the other hand, Ark sold $26 million worth of Jack Dorsey’s Block shares.

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