Ark Invest Acquires 53,708 Coinbase Shares Worth $8.4M Amid Market Dip
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Cathie Wood’s Ark Invest purchased 53,708 shares of Coinbase, valued at approximately $8.4 million, amid a volatile crypto market following the U.S. presidential debate on Tuesday.
The shares were allocated across three of Ark’s exchange-traded funds (ETFs).
The investment breakdown from Ark’s trade filing shows that 38,475 shares, worth $6 million, were added to its flagship Innovation ETF (ARKK).
Additionally, 9,349 shares, valued at $1.5 million, were purchased for the Next Generation Internet ETF (ARKW), and 5,884 shares, worth $925,000, went to the Fintech Innovation ETF (ARKF).
The recent purchase is Ark’s first activity involving Coinbase since early August, when it acquired $21.8 million worth of shares as the crypto market experienced a sharp dip, with Bitcoin briefly dropping below $55,000.
Ark Invest adheres to a strategy of maintaining diversification within its funds, ensuring that no single asset exceeds 10% of an ETF’s portfolio.
This approach ensures the firm is well-positioned to rebalance its holdings should Coinbase’s stock value fluctuate significantly in relation to Ark’s other assets.
INTEL: Ark Invest has purchased $8.4 million worth of Coinbase shares following a post-debate dip
According to Ark’s disclosures, Coinbase now ranks as the fourth-largest holding in its ARKK ETF, with a portfolio weighting of 6.5%, translating to about $355 million.
In ARKW, Coinbase is the sixth-largest holding, representing 5.1% of the portfolio, valued at $67 million.
In the ARKF fund, Coinbase stands as the second-largest
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