Cathie Wood’s ARK Invest Takes Advantage of Crypto Market Dip
On Tuesday, Cathie Wood’s investment management firm, ARK Invest, made a strategic move by purchasing $8.7 million worth of Coinbase (COIN) shares amid a significant downturn in the cryptocurrency market. The firm added a total of 41,032 shares of COIN to its Next Generation Internet ETF (ARKW), even as the stock of the cryptocurrency exchange plummeted nearly 6.5% to settle at $212.49.
In a contrasting move, ARK also divested 98,060 shares from its own spot bitcoin ETF (ARKB), which equated to approximately $8.6 million. This decision came during a day when the cryptocurrency landscape experienced turbulence, with bitcoin (BTC) dropping to a three-month low of below $87,000. The decline was exacerbated by record outflows from spot bitcoin ETFs in the United States, which witnessed net outflows nearing $940 million—the largest single-day withdrawal since the funds commenced trading in January 2024, as reported by data tracked by SoSoValue.
Despite the overall market slide, ARK Invest saw this as a prime opportunity to make its most substantial COIN purchase in terms of dollar value since August 5, when the firm had previously acquired 93,800 shares at a cost of $17.8 million. This latest acquisition reflects ARK’s ongoing commitment to investing in innovative technology and financial platforms, even in challenging market conditions.
