Cathie Wood's Ark Invest buys $13.3 million worth of Coinbase shares amid market meltdown
Quick Take
- Ark Invest bought 84,514 Coinbase shares across two ETFs on Monday.
- Coinbase’s stock closed down 2.04% on Monday but gained 2.68% in after-hours trading.
Cathie Wood's Ark Invest has purchased 84,514 Coinbase Global Inc. shares, worth about $13.3 million, across its two exchange-traded funds on Monday amid a global market slump.
The firm's latest trade filing showed that ARK Next Generation Internet ETF (ARKW) bought 64,806 Coinbase shares, worth about $10.2 million based on the day's closing price. The ARK Fintech Innovation ETF (ARKF) also bought 19,708 Coinbase shares, worth roughly $3.1 million.
Meanwhile, ARKW sold 159,496 shares of ARK 21Shares Bitcoin ETF (ARKB), worth about $12.4 million. The ARKB spot bitcoin fund saw $4.69 million in net outflows yesterday, according to SoSoValue data.
As of Monday, Coinbase stocks represented a 5.92% weight in the ARKW fund, making it the fourth-largest holding within the ETF, while in the ARKF fund, Coinbase shares were the second-largest holding with a 7.65% weight, according to the firm's latest disclosure.
On Monday, Coinbase shares closed down 2.04% at $157.28, but it gained 2.68% during after-hours trading to $161.5, according to Google Finance.
Ark's Monday purchase coincided a global market crash. Asian stocks saw their worst day in decades, with the Shanghai Composite closing down 7.3% and Japan's Nikkei 225 losing 7.8%. The Dow Jones Industrial Average fell 0.91%, and the S&P 500 dropped 0.23%. However, the Nasdaq Composite added 0.10%.
The crypto market also experienced a major sell-off, sending bitcoin to as low as around $74,300 on Monday, according to The Block's bitcoin price page. The world's largest cryptocurrency has since rebounded slightly, trading at $80,246 at the time of writing — up 3.64% over the past 24 hours.
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