ARK Bought $17.8M of COIN, $11.2M of HOOD as Market Slumped

COIN lost 7.3% on Monday to close at $189.47 amid a market sell-off in which crypto and global stock markets experienced one of their sharpest losses in recent years.

AccessTimeIconAug 6, 2024 at 8:31 a.m. UTC
Updated Aug 6, 2024 at 8:34 a.m. UTC
  • This was ARK's first COIN purchase since June 6, 2023.
  • ARK Invest often loads up on shares when their prices slide, usually with a view to offloading them one their prices tick up again.

ARK Invest took advantage of Monday's massive market slump to make its first purchases of Coinbase (COIN) and Robinhood (HOOD) shares in months.

Cathie Wood's investment management firm bought $17.8 million of COIN, its first purchase of the crypto exchange's stock since June 6 2023 when it bought $21.6 million worth.

ARK also added $11.2 million of crypto-friendly online brokerage Robinhood shares, the first time it has bought HOOD since Feb. 13.

ARK Invest often loads up on shares when their prices slide, usually with a view to offloading them one their prices tick up again. The company aims to avoid having one particular holding accounting for a weighting of more than 10% of any of its exchange-traded funds (ETFs), which drove much selling of COIN in recent months.

Following Monday's purchases, COIN accounts for 8.55% of ARK's Innovation ETF (ARKK), 6.73% of its Next Generation Internet fund (ARKW) and 9.72% of its Fintech Innovation ETF (ARKF).

Edited by Parikshit Mishra.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.