**Ark Invest Buys $13.3M in Coinbase Shares During Market Slump**
Cathie Wood’s Ark Invest seized the opportunity during Monday’s market downturn, purchasing 84,514 shares of Coinbase Global Inc. valued at approximately $13.3 million. The acquisition was spread across two of its ETFs: the ARK Next Generation Internet ETF (ARKW) bought 64,806 shares worth $10.2 million, while the ARK Fintech Innovation ETF (ARKF) picked up 19,708 shares for $3.1 million.
This latest move follows Ark’s purchase of $13.4 million in Coinbase shares just last Friday. In a parallel move, Ark offloaded 159,496 shares of its ARK 21Shares Bitcoin ETF (ARKB), valued at about $12.4 million, amidst market volatility. The ARKB fund experienced a net outflow of $4.69 million on that same day.
By Monday, Coinbase had become a significant holding in both ETFs, comprising 5.92% of ARKW’s and 7.65% of ARKF’s portfolios. Despite closing down 2.04% at $157.28, Coinbase shares rose 2.68% in after-hours trading to $161.50.
The strategic buy happened amid a turbulent session for global markets. Asian indices suffered substantial losses, and U.S. markets also dipped, with the Dow Jones falling 0.91% and the S&P 500 down 0.23%. In contrast, the Nasdaq managed a slight gain of 0.10%. The crypto market saw Bitcoin briefly drop to around $74,300 before recovering to trade above $80,000, recording a 3.64% gain over 24 hours.
Monday’s market chaos, dubbed “Black Monday,” saw cryptocurrency markets hit hard, with over $1.36 billion in liquidations. A new tariff package introduced by President Donald Trump, imposing significant levies on vehicle imports and other goods, has rattled markets. This led to a flight from riskier assets like crypto to safer investments such as gold and the Japanese yen.
As the fallout continued, prominent investor Bill Ackman urged a 90-day pause on the tariffs, warning of an “economic nuclear winter.” Meanwhile, U.S. stock futures plunged, setting the stage for a potentially rocky week ahead in the markets.
