Cathie Wood’s investment management firm, ARK Invest, acquired $8.7 million worth of Coinbase (COIN) shares on Tuesday amid a downturn in the cryptocurrency market that impacted crypto stocks significantly.
ARK increased its holdings by 41,032 COIN shares in its Next Generation Internet ETF (ARKW), as the value of the crypto exchange’s stock dropped nearly 6.5% to $212.49 during the day.
In contrast, ARK divested 98,060 shares of its own spot bitcoin ETF (ARKB), which was valued at approximately $8.6 million.
The cryptocurrency market’s decline on Tuesday caused bitcoin (BTC) to fall to a three-month low, dipping below $87,000, resulting in unprecedented outflows from U.S. spot bitcoin ETFs.
These funds experienced net outflows of nearly $940 million, marking the most significant single-day sale since their launch in January 2024, based on data from SoSoValue.
Despite the market slump, this situation allowed ARK to make its largest COIN purchase in terms of dollar value since August 5, when it added 93,800 shares for $17.8 million.
