ARK Invest Shifts $9M from Its Bitcoin ETF Into Coinbase Stock

ARK Invest Dumps Bitcoin ETF Shares, Snaps Up $8.7M in Coinbase Stock Amid Market Turmoil

As the crypto market faced a steep sell-off on Tuesday, Cathie Wood’s ARK Invest restructured its holdings, selling off a chunk of its own bitcoin ETF while doubling down on Coinbase (COIN).

The firm offloaded 98,060 shares of its ARK 21Shares Bitcoin ETF (ARKB), worth approximately $8.6 million, while simultaneously purchasing 41,032 shares of Coinbase stock for its Next Generation Internet ETF (ARKW). The move came as COIN slid nearly 6.5% to $212.49 during the broader market downturn.

Bitcoin (BTC) tumbled below $87,000, marking a three-month low and triggering a massive $940 million outflow from U.S. spot bitcoin ETFs—the largest single-day redemption since their launch in January 2024, according to SoSoValue data.

Despite the volatility, ARK saw an opportunity to accumulate more Coinbase shares, making it the firm’s biggest dollar-value purchase of COIN since August 5, when it acquired 93,800 shares for $17.8 million.

  • Related Posts

    Tom Lee: Ceasefire signals market bottom, setting the stage for a bitcoin rally

    Tom Lee of Fundstrat is calling a bottom in equities, arguing the Iran ceasefire has triggered a key shift in market dynamics—one that could extend to bitcoin (BTC), ether (ETH),…

    Continue reading
    The next leg for bitcoin depends on oil, and at this point, it could go either way.

    Bitcoin’s (BTC) near-term trajectory is being shaped less by crypto-native factors and more by the direction of oil, as macro conditions take center stage. BTC has climbed back to roughly…

    Continue reading