Ark Invest Snaps Up $8.4M in Coinbase Shares Following Post-Debate Crypto Slump
Ark Invest purchased 53,708 Coinbase shares worth $8.4M after a U.S. presidential debate triggered a crypto market dip.
Key points:
- Post-debate market drop: Ark Invest seized an opportunity after a U.S. presidential debate hit crypto prices.
- 53,708 shares purchased: The firm acquired $8.4M worth of Coinbase stock across three ETFs.
- Coinbase holdings update: $COIN is now the 4th-largest holding in Ark’s Innovation ETF.
- Strategic rebalancing: The purchase is part of Ark’s strategy to prevent any holding from exceeding 10% of its portfolio.
Ark Invest Makes Major Coinbase Buy Amid Market Volatility:
Ark Invest, led by Cathie Wood, has purchased 53,708 shares of Coinbase ($COIN) valued at $8.4M.
This move comes after a notable post-U.S. presidential debate market drop, which caused the crypto sector to take a hit. The firm made the acquisition on Wednesday, spreading the shares across three of its exchange-traded funds (ETFs).
Specifically, most of the purchase, $6M, was allocated to Ark’s flagship Innovation ETF (ARKK), while smaller portions were directed to the Next Generation Internet ETF (ARKW) and the Fintech Innovation ETF (ARKF).
Read more: Robert Kiyosaki Backs Cathie Wood’s $2.3 Million Bitcoin Price Prediction
The timing of this buy aligns with market volatility stemming from the Trump-Harris debate, which triggered a “sell-the-news” event across the crypto market.
Initially, Coinbase stock had dropped about 5% earlier in the day; however, it later stabilized, closing down 0.8% at $157.15. Meanwhile, Bitcoin also saw a dip of 2.6% before recovering.
This is Ark’s first transaction involving Coinbase since August, when it acquired $21.8M worth of shares during a previous market low.
Read more: The biggest companies met at Coinbase Crypto Summit
Notably, the firm’s strategy limits any holding to 10% of an ETF portfolio, ensuring continued rebalancing based on stock performance.
As a result of this latest buy, Coinbase now ranks as Ark’s fourth-largest holding within the ARKK fund and remains a key part of the company’s diversified crypto investment approach.
