Back to News

ARK Invest Expands Coinbase Holdings with $2.2M Purchase

Twitter icon  •  Published 1ヶ月前  •  Nikolas Sargeant

Cathie Wood's firm acquires additional COIN shares, marking its first Coinbase investment since early September.

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.

Next article Tether Halts Support for EURT Stablecoin Citing MiCA Regulations

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.