Nikolas Sargeant
ARK Invest, led by Cathie Wood, has expanded its stake in Coinbase (COIN) with a $2.2 million purchase. The investment firm added 12,994 COIN shares to its Fintech Innovation ETF (ARKF) on Tuesday, its first acquisition of Coinbase stock since September 11.
Despite COIN closing 0.73% lower at $167.69, ARK's move brings its total Coinbase holdings in ARKF to approximately $67 million, representing 7.43% of the fund's value. While COIN has seen a 6.5% increase since ARK's last purchase, it remains 20% below its late August levels.
Industry observers speculate that ARK may be positioning itself for a potential rally, anticipating a surge in Bitcoin prices typically seen in October.
In a separate move, ARK divested 135,665 Robinhood (HOOD) shares, valued at nearly $3.5 million. This sale aligns with SEC regulations limiting fund exposure to companies deriving significant income from securities sales. HOOD shares rose almost 10% on Tuesday, closing at $25.61.
