ARK Invest Grabs $31M Worth of Coinbase Shares Amid Market Downturn

Cathie Wood’s ARK Invest has capitalized on the recent market pullback, purchasing 199,401 shares of Coinbase (COIN) across three consecutive trading sessions as the stock slid more than 15%.

The purchases were spread out over Friday (83,157 shares), Monday (84,514 shares), and Tuesday (31,730 shares), totaling an estimated $31.51 million based on closing prices at the time. However, the position was marked down to approximately $29.3 million as of Tuesday’s close.

The buying spree aligns with ARK’s strategy of accumulating high-conviction names during periods of volatility, particularly when a stock’s weight in its ETFs dips below target allocations. The firm avoids letting any single asset exceed 10% of an ETF’s value.

Coinbase shares have been swept up in the broader risk-off sentiment, triggered by escalating U.S. trade tensions and a selloff in both tech stocks and crypto markets. President Trump’s aggressive new tariffs rattled global markets, pushing Bitcoin down 8% on the week and dragging the S&P 500 and Nasdaq more than 10% lower.