Bitcoin drops 10%, Ark Invest dumps Robinhood for Coinbase

Quick Take

  • Bitcoin fell 10% since Tuesday, while Ethereum’s ether coin fell by 15%.
  • Cryptocurrencies linked to Sam Bankman-Fried and FTX tanked.
  • Cathie Wood’s Ark Invest picked up over $21 million in Coinbase shares, dumping nearly $10 million in Robinhood. 

Crypto prices continued to sink in the wake of Tuesday's FTX-driven selloff. That doesn't seem to have scared off Cathie Wood, however, whose Ark Invest bought more than $21 million worth of Coinbase stock, though she did dump $10 million in Robinhood.

Following FTX's deal with Binance on Tuesday, its token, FTT, initially jumped to close to $20 before crashing below $5. FTT was down 75% over the past 24 hours, according to data via CoinGecko.

Solana's SOL and serum, also affected by the deal, slumped 33% and 37%, respectively.

Meanwhile, bitcoin fell 10.6% since Tuesday and Ethereum's ether coin fell by 16%.

Crypto stocks sink

The FTX saga has roiled crypto markets, and the effects are spilling over into equities linked to the cryptocurrency space. Coinbase dropped 4.7%, Jack Dorsey's Block decreasing 5%, MicroStrategy falling 4% and Robinhood dropping 5%.

Ark added 330,461 Coinbase shares to its Ark Innovation ETF, 54,466 shares to Ark Next Generation Internet ETF, and 36,022 shares to the Ark Fintech Innovation ETF. The asset manager purchased 420,949 shares in total worth $21.3 million.

At the same time, Wood's fund sold Robinhood shares, shedding 803,788 from the Ark Innovation ETF, 130,400 from the Ark Next Generation Internet ETF, and 86,550 from Ark Fintech Innovation ETF. The fund sold over 1 million shares, worth $9.9 million.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.