Summary
Investment firm ARK Invest has made headlines by acquiring 199,401 shares of Coinbase (COIN) during a significant downturn in the stock market, showcasing their strategy of purchasing dips.
Details
- On Friday, ARK Invest bought 83,157 shares.
- This was followed by acquisitions of 84,514 shares on Monday and 31,730 shares on Tuesday.
- The total cost for these stocks was approximately $31.51 million at closing prices, but they are currently valued at about $29.3 million based on Tuesday’s closing values.
Market Insights
Coinbase’s shares have recently plummeted over 15% in a week, fueled by a broader decrease in both cryptocurrency and stock markets, attributed largely to recent import tariffs set by the U.S. administration. For context, Bitcoin has also fallen around 8% in the last seven days, while major indices like the S&P 500 and Nasdaq have dropped more than 10%.
Read More: ARK Buys Over $13M Worth of Coinbase Shares During Market Rout
