ARK Invest Buys $8.7 Million in Coinbase Shares Amid Crypto Slide
ARK Invest purchased $8.7 million worth of Coinbase (COIN) shares, acquiring 41,032 shares for its Next Generation Internet ETF (ARKW) as COIN's stock declined by nearly 6.5% to $212.49.
During the same period, ARK sold 98,060 shares of its spot bitcoin ETF (ARKB), totaling approximately $8.6 million.
The cryptocurrency market experienced a downturn, with bitcoin (BTC) dropping below $87,000, marking a three-month low. This decline resulted in record outflows from U.S. spot bitcoin ETFs, totaling nearly $940 million, the largest single-day sale since their inception in January 2024.
This market slump allowed ARK to make its largest investment in COIN since August 5, when it acquired 93,800 shares for $17.8 million.