ARK Invest Buys $8.7 Million in Coinbase Amid Crypto Market Slump

NEW YORK, NY — ARK Invest, led by investor Cathie Wood, made a significant move in the cryptocurrency market on Tuesday, purchasing $8.7 million worth of shares in Coinbase (COIN).

The investment firm acquired 41,032 COIN shares for its Next Generation Internet ETF (ARKW) as the broader cryptocurrency market faced a downturn, causing prices to fall sharply. This purchase represents ARK’s largest investment in Coinbase in terms of dollars since August 5, when it acquired 93,800 shares for $17.8 million.

On the same day, ARK Invest offloaded 98,060 shares of its own spot bitcoin ETF (ARKB), valued at approximately $8.6 million. This decision came as bitcoin (BTC) plunged to a three-month low, dipping below $87,000 in the United States.

According to data tracked by CoinDesk, the cryptocurrency market experienced considerable turbulence with net outflows nearing $940 million, marking the largest single-day sale since these funds commenced trading in January 2024.

Cathie Wood has been known for her bold investment strategies in disruptive technologies and cryptocurrencies. Amid the downturn, her firm’s pivot towards Coinbase indicates a belief that the digital asset exchange holds long-term potential despite current market challenges.

The day’s trading reflected a broader trend in investor sentiment as many sought to reevaluate their positions in the face of the ongoing crypto slump. Wood’s approach, focusing on long-term gains, signals a possible opportunity for investors willing to weather the current volatility.

Jamie, a member of the CoinDesk reporting team since February 2021, has extensively covered the cryptocurrency and blockchain sectors. He balances his professional work with a passion for sports and active running.