Ark Invest bought 64,358 Coinbase shares, worth $11.5 million, across two of its exchange-traded funds on Monday as COIN dropped 17.6% in a disastrous trading session amid the broader market carnage.
Of the total acquisition, the Cathie Wood-led investment firm bought 52,753 Coinbase shares ($9.4 million) for its Ark Innovation ETF (ARKK) and 11,605 shares ($2.1 million) for its Ark Fintech Innovation ETF (ARKF).
Ark's latest rebalancing comes just a week after it bought $8 million worth of Coinbase shares for its Next Generation Internet ETF (ARKW) and $8.7 million the week before in a three-week acquisition streak that now totals $28.2 million.
Ark’s investment strategy aims to let no individual holding take up more than 10% of a fund's portfolio. This is to maintain diversification within its funds — meaning Ark is likely to continue rebalancing its weightings if the value of Coinbase shares rises or falls significantly relative to Ark's other holdings in its funds.
According to the firm’s disclosures, COIN is currently the third-largest holding within its ARKK fund, with a weighting of 7.1%, worth around $375.1 million, behind Tesla and Roku. Coinbase shares represent Ark's second-largest holding in its ARKF fund, with a 7.7% weighting, worth around $65.7 million, after Shopify.
Coinbase shares closed down 17.6% on Monday at $179.23 and have lost 34.6% over the past month alone, according to The Block's Coinbase page. COIN is currently up 4.3% in pre-market trading on Tuesday, per TradingView. Coinbase is presently valued at $33.3 billion, according to The Block’s data dashboard.
Coinbase shares weren't the only crypto-related stocks hit, with Strategy dropping 16.7% and the largest public Bitcoin miner, MARA, falling 16.3% on the day. Meanwhile, bitcoin slumped 7.6%, and the GMCI 30, representing a selection of the top 30 cryptocurrencies, slid 8.4%.
Ark also bought 269,864 Robinhood shares worth $9.6 million for its ARKK fund on Monday as HOOD fell 19.8%. Additionally, the investment firm sold 375,607 shares in Block from its ARKK and ARKW funds as the Jack Dorsey-run company saw its stock drop 8.8%.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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