- Ark Invest purchased $8.7 million worth of Coinbase shares during Tuesday’s crypto market decline.
- The investment firm simultaneously sold $8.6 million of its spot Bitcoin ETF holdings.
- Coinbase stock fell 6.5% to $212.49 during the broader cryptocurrency market downturn.
- Bitcoin dropped to a three-month low below $87,000 amid market pressure.
- U.S. spot bitcoin ETFs experienced their largest single-day outflow of $940 million since their January launch.
Cathie Wood’s investment firm demonstrated strategic portfolio rebalancing during Tuesday’s cryptocurrency market volatility, acquiring substantial Coinbase shares while reducing bitcoin ETF exposure.
ARK Invest added 41,032 shares of Coinbase (COIN) to its Next Generation Internet ETF (ARKW), capitalizing on the stock’s 6.5% decline to $212.49. This purchase represents the firm’s most significant investment in Coinbase since August 5, when it acquired 93,800 shares for $17.8 million.
The move coincided with a broader cryptocurrency market correction that saw bitcoin retreat below $87,000, marking a three-month low. The market turbulence triggered unprecedented outflows from U.S. spot bitcoin ETFs, with SoSoValue data showing nearly $940 million in net withdrawals—the highest single-day exodus since their historic January 2024 launch.
In a parallel move, ARK divested 98,060 shares of its spot bitcoin ETF (ARKB), worth approximately $8.6 million, suggesting a tactical shift from direct bitcoin exposure to crypto-adjacent equity positions.
This trading pattern aligns with ARK’s historical approach of increasing positions in crypto-related companies during market downturns, viewing price dips as strategic entry points for long-term investment opportunities.
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