ARK Invest Loads Up On Coinbase Stock Amid Crypto Rout

Yolowire 26-Feb-2025 10:59 AM

Cathie Wood's investment management company ARK Invest has loaded up on shares of %Cryptocurrency exchange %Coinbase Global (NASDAQ:COIN) amid the current market rout.

Regulatory filings show that ARK Invest bought $8.7 million U.S. worth of Coinbase shares on Feb. 25 as the stock fell 6%, bringing its one month decline to 24%.

Coinbase and other crypto-related stocks have fallen in recent weeks as the price of crypto has slid lower, with the price of %Bitcoin (CRYPTO: BTC) falling to $88,000 U.S.

%ARKInvest added 41,032 Coinbase Global shares to its Next Generation Internet ETF (ARKW), as the crypto exchange's stock dropped to $212.49 U.S.

At the same time, ARK Invest sold 98,060 shares of its own spot Bitcoin ETF (ARKB), worth $8.60 million U.S.

Bitcoin is now trading at a three-month low, a development that has led to record outflows from spot BTC ETFs in the U.S.

Bitcoin ETFs saw outflows of nearly $1 billion U.S. on Feb. 25, the largest single-day sale since they began trading in January 2024, according to market data.

ARK Invest has added to its holdings of Coinbase Global whenever the stock falls. Last August, the asset management company bought 93,800 shares of (NASDAQ:COIN) stock worth $17.8 million U.S.

The flagship ARK Innovation ETF (ARKK) has risen 12% over the last year to currently trade at $56 U.S. per share. Coinbase Global is the fund’s third largest holding after %Tesla (NASDAQ:TSLA) and Roku (NASDAQ:ROKU).