ARK Invest Snaps Up $31.5M in Coinbase Shares Amid Market Slump
Cathie Wood’s ARK Invest has added nearly 200,000 Coinbase (COIN) shares to its portfolio over the past three trading sessions, capitalizing on the recent pullback in crypto and equity markets.
According to the firm’s daily trade disclosures, ARK picked up a total of 199,401 shares between Friday and Tuesday. The purchases were spread across three sessions: 83,157 shares on Friday, 84,514 on Monday, and another 31,730 on Tuesday. Based on closing prices, the total outlay amounted to approximately $31.51 million, though the value dipped to around $29.3 million by Tuesday’s close due to ongoing market volatility.
The Florida-based investment firm, well-known for its strategy of buying into growth stocks during periods of weakness, adheres to a guideline that prevents any single holding from exceeding 10% of an ETF’s total weighting. Dips in favored names like Coinbase often trigger fresh allocations.
Coinbase shares have dropped more than 15% over the past week, tracking losses in the broader crypto and tech sectors. The declines come amid heightened macroeconomic uncertainty following U.S. President Donald Trump’s sweeping new tariffs on imported goods.
Bitcoin (BTC) has fallen around 8% in the same period, while the S&P 500 and Nasdaq have each shed over 10%, reflecting a broader risk-off sentiment in global markets.
