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.