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.
According to a tweet from Ark Invest 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.
Ark Invest Buys Coinbase Shares
Ark Invest made the COIN purchase through three exchange-traded funds (ETFs), including the ARK Innovation ETF (ARKK), the Ark Fintech Innovation ETF (ARKF), and the ARK Next Generation Internet ETF (ARKW). ARKK acquired 65,165 COIN worth $12.3 million, ARKF purchased 15,629 COIN worth $3 million, and ARKW bought 13,003 shares valued at $2.5 million.
The purchases marked Ark Invest’s first since June 2023, when the company bought $21 million worth of COIN. Since then, the asset management giant has been offloading the Coinb
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