What’s Happening:

• ARK Invest purchased $8.7 million worth of Coinbase shares amidst a downturn in the cryptocurrency market.
• The firm acquired 41,032 shares of Coinbase as its stock fell by nearly 6.5% to $212.49.
• In contrast, ARK sold 98,060 shares of its own Bitcoin ETF (ARKB), totaling approximately $8.6 million.

Cathie Wood’s investment management firm, ARK Invest, took advantage of the falling cryptocurrency market on Tuesday by snapping up $8.7 million in Coinbase (COIN) shares.

More details include:

• The downturn saw Bitcoin (BTC) drop to a three-month low under $87,000, leading to record outflows from Bitcoin ETFs in the U.S.
• According to SoSoValue data, Bitcoin ETFs faced outflows nearing $940 million, marking the largest single-day drop since trading began in January 2024.
• This downturn also allowed ARK to make its largest purchase of Coinbase in dollar terms since August 5 when it bought 93,800 shares for $17.8 million.

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