ARK Invest made a significant purchase in the cryptocurrency market on August 5 when it bought 93,797 shares of Coinbase Global Inc. (COIN) for $17.77 million. This is the first time that ARK has bought Coinbase shares after selling off stock on the cryptocurrency exchange in 2024.
ARK also bought 681,885 shares of Robinhood (HOOD), an online exchange that accepts cryptocurrencies, for $11.19 million at the same time. ARK had not bought anything since February 13 before this.
ARK ETF Purchases Shares
The ARK Innovation ETF (ARKK), which bought 65,165 Coinbase shares, was where most of the buying happened. The ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW) also bought Coinbase shares, 15,629 and 13,003 worth, respectively.
In the same way, the ARKK fund bought 461,100 Robinhood shares, and the ARKF and ARKW funds bought 110,402 and 110,383 shares of Robinhood, respectively.
On the other hand, both COIN and HOOD saw significant drops in the value of their stocks on Monday, August 5. COIN fell 7.3% to $189.47 at the end of the day, and HOOD fell 8.17% to $16.42 as the market as a whole fell. The global stock market and cryptocurrency markets were both hit hard by this slowdown, which was one of the worst in recent memory.
At $49,800, Bitcoin’s value fell below $50,000 for the first time since February 2024 on the same day. Bitcoin lost more than 20% of its value in this sharp drop. It went from around $63,000 on August 1 to a low point before partly returning to about $55,000.
At the moment, Bitcoin is worth $55,092, which is 6.4% more than it was 24 hours ago but 17% less than it was a week ago.
ARK Invest usually buys more stocks when their prices drop, with the plan of selling them when their market values rise. Because the company handles its investments so that no single one takes up more than 10% of the total value of its ETFs, COIN shares have recently been sold.
