ARK Invest's Recent Acquisition: $2.2 Million in Coinbase Shares
ARK Invest has purchased nearly $2.2 million in Coinbase shares, marking its first acquisition since mid-September.
Cathie Wood’s investment management firm, ARK Invest, made a significant move by purchasing nearly $2.2 million worth of Coinbase (COIN) shares on Tuesday, marking its first acquisition since September 11.
ARK added 12,994 COIN shares to its Fintech Innovation ETF (ARKF). As of this latest transaction, ARKF now holds around $67 million in COIN stock, which represents 7.43% of the fund's overall value.
Despite COIN shares closing 0.73% lower at $167.69, they have increased by approximately 6.5% since ARK's last purchase. However, they remain about 20% down from late August. Analysts suggest that ARK may be anticipating a potential rally linked to rising Bitcoin (BTC) prices, a trend historically noted for October.
In addition to this purchase, ARK recently sold off 135,665 shares of Robinhood (HOOD), valued at nearly $3.5 million, to adhere to SEC regulations that limit fund exposure to certain securities.
For those interested in further developments, read more about Coinbase’s planned delisting of unauthorized stablecoins in the EU by December.
