Cathie Wood’s ARK Invest has resumed purchasing stocks of Coinbase and Robinhood amid a market downturn, with Bitcoin briefly falling below $50,000.
On Aug. 5, ARK Invest acquired 93,797 shares of Coinbase Global Inc. (COIN) valued at $17.77 million. This marks ARK’s first acquisition of the cryptocurrency exchange’s shares after a period of selling off in 2024.
In addition, ARK bought 681,885 shares of Robinhood (HOOD), the crypto-friendly online brokerage, for $11.19 million, marking its first purchase since Feb. 13.
The buying activity was primarily within the ARK Innovation ETF (ARKK), which purchased 65,165 shares of Coinbase. The ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW) also participated, purchasing 15,629 and 13,003 shares of Coinbase, respectively.
Similarly, the ARKK fund acquired 461,100 Robinhood shares, while the ARKF and ARKW funds added 110,402 and 110,383 shares of Robinhood to their holdings, respectively.
Both COIN and HOOD experienced significant losses in their stock value on Monday, Aug. 5; COIN dropped by 7.3% to close at $189.47 and HOOD by 8.17% to $16.42 amid a broader market sell-off. The downturn was one of the most severe in recent times, affecting both crypto and global stock markets.
Currently, Bitcoin is trading at $55,092, reflecting a 6.4% increase over the last 24 hours, although it is still down by 17% over the previous week.
ARK Invest typically increases its holdings in stocks during price dips, intending to sell them when their market values rise. The firm manages its portfolio to prevent any single investment from exceeding 10% of the total value of its ETFs, which has led to recent sales of COIN shares.
