ARK Invest Acquires Coinbase Shares Amid Crypto Turmoil

ARK Invest Purchases $8.7 Million in Coinbase Stock

On Tuesday, Cathie Wood's firm, ARK Invest, acquired a significant amount of Coinbase shares, totaling $8.7 million. This strategic move occurred during a period of market downturn for cryptocurrencies, which negatively impacted crypto-related stocks.

Detailed Purchase Breakdown

The investment company increased its holdings by adding 41,032 shares of Coinbase (COIN) to its Next Generation Internet ETF, known as ARKW. On that day, Coinbase experienced a sharp drop of approximately 6.5%, with its stock price closing at $212.49.

Market Context

The decision to invest in Coinbase comes during a broader decline in the cryptocurrency market, affecting various crypto equities.