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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.
Updated Aug 6, 2024, 8:34 a.m. Published Aug 6, 2024, 8:31 a.m.
- 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.
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ARK also added $11.2 million of crypto-friendly online brokerage Robinhood shares, the first time it has bought HOOD since Feb. 13.
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. HOOD lost 8.17%, falling to $16.42.
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).
Read More: Crypto Stocks Slump as Bitcoin, Ether Tumble
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