Connect with us

Business

ARK Invest Doubles Down on Coinbase During Market Turmoil

Published

on

Coinbase Cryptocurrency Trading Graph

San Francisco, CA — Cathie Wood’s ARK Investment Management has made a significant move in the cryptocurrency market by purchasing over 83,000 shares of Coinbase, totaling more than $13 million, despite the sharp decline in prices across the sector.

The shares were acquired at Friday’s closing price, with nearly 55,000 shares coming from ARK’s flagship ARK Innovation ETF (ARKK). Additional purchases were made through the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF), as revealed in ARK’s daily trading disclosure for April 4.

Coinbase’s stock has dropped over 12% amid a broader market sell-off, yet bitcoins and other cryptocurrencies have displayed surprising resilience. During this period, the CoinDesk 20 (CD20) index experienced a 5.8% decrease.

The sell-off coincided with U.S. President Donald Trump‘s announcement of reciprocal tariffs affecting numerous countries, contributing to market volatility.

“We believe in the long-term potential of cryptocurrency and exchanges like Coinbase, especially during downturn periods,” Wood stated in a recent interview.

Francisco, a reporter for CoinDesk, brings a wealth of knowledge in cryptocurrencies and personal finance. He has previously contributed to notable financial and crypto publications and owns cryptocurrency investments including bitcoin, ether, solana, and PAXG, exceeding CoinDesk’s $1,000 disclosure threshold.

1x