ARK Investment Management, led by Cathie Wood, capitalized on the recent sell-off in the U.S. equity market, acquiring more than 83,000 shares of Coinbase (COIN) during the downturn. This strategic move comes in the wake of a staggering $5.4 trillion drop in U.S. equities, with these shares valued at over $13 million at the recent closing price for Coinbase.
Key points:
- ARK Invest’s flagship fund, the ARK Innovation ETF (ARKK), added nearly 55,000 Coinbase shares, further supplemented by purchases in the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF).
- The investment comes as Coinbase’s stock has fallen more than 12% amid a broader market retreat, while cryptocurrencies like Bitcoin demonstrated some stability.
