ARK Invest Buys $8.7M in Coinbase Shares Amid Crypto Market Slump

ARK Invest, led by Cathie Wood, seized the opportunity to acquire 41,032 Coinbase (COIN) shares worth $8.7 million as the crypto market tumbled on Tuesday. The investment was made through ARK’s Next Generation Internet ETF (ARKW) as COIN stock fell 6.5% to $212.49.

Meanwhile, ARK offloaded 98,060 shares of its own spot Bitcoin ETF (ARKB), valued at approximately $8.6 million. This move came as Bitcoin (BTC) plummeted to a three-month low, triggering record outflows from U.S. spot Bitcoin ETFs. Investors withdrew nearly $940 million—the largest single-day outflow since these funds launched in January 2024, according to SoSoValue.

Despite the downturn, ARK saw the dip as a buying opportunity, making its largest COIN investment in dollar terms since August 5, when it purchased 93,800 shares for $17.8 million. The firm’s aggressive stance on crypto-related equities highlights its long-term confidence in digital assets, even amid market volatility.

The latest sell-off underscores growing investor caution as crypto prices face renewed pressure. However, ARK’s strategy of reallocating funds between crypto equities and ETFs signals its commitment to navigating the shifting market landscape.