Ark Invest has purchased 53,708 shares of Coinbase, valued at $8.4 million, as part of a strategic rebalance across its exchange-traded funds (ETFs).
Ark Invest has purchased 53,708 shares of Coinbase, valued at $8.4 million, as part of a strategic rebalance across its exchange-traded funds (ETFs).
The acquisition occurred on Wednesday amid a general decline in the cryptocurrency market following the U.S. presidential debate on Tuesday night.
This mark's Ark Invest's first transaction involving Coinbase shares since early August, when the firm acquired $21.8 million worth during a market downturn. The latest purchase includes 38,475 shares for the Innovation ETF (ARKK), 9,349 shares for the Next Generation Internet ETF (ARKW), and 5,884 shares for the Fintech Innovation ETF (ARKF).
As of September 12, Coinbase (COIN) ranks as the fourth-largest holding in Ark's ARKK ETF, with a weighting of 6.5% and a value of approximately $355 million.
It is the sixth-largest holding in ARKW at 5.1%, worth about $67 million, and the second-largest in ARKF at 7.3%, valued at $60 million.
Following the presidential debate, Coinbase shares experienced a brief decline of around 5% but later recovered to close down 0.8% at $157.15. Despite an initial strong performance earlier this year, the stock is currently down 9% for 2024, although it has appreciated 92% over the past year.
Market analysts noted that the debate between Donald Trump and Kamala Harris may have contributed to a "sell-the-news" sentiment, with Bitcoin also falling 2.6% immediately after the event. Bitcoin is currently trading around $58,240.
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