Millions

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Ark Invest, led by Cathie Wood, purchased approximately $18 million worth of Coinbase shares in a strategic move during the broad market downturn on Monday.
<h2 id="ark-invest-raises-18-million-worth-of-coinbase-shares-amid-market-slump">Ark Invest Raises $18 Million Worth of Coinbase Shares Amid Market Slump</h2>
The investment firm purchased a total of 93,797 Coinbase shares across three of its exchange-traded funds (ETFs) as the cryptocurrency market and broader financial markets experience significant turbulence.
65,165 shares of Innovation ETF (ARKK) worth $12.3 million.
13,003 shares of the Next Generation Internet ETF (ARKW) valued at $2.5 million.
15,629 shares from the Fintech Innovation ETF (ARKF) worth a total of $3 million.
This purchase marks the first significant buyback of Coinbase shares since June 2023, when Ark purchased $21 million worth of stock.
Following this acquisition, Coinbase's share price increased by more than 250%, causing Ark to sell some of its shares over time.
Ark Invest's strategy involves keeping individual holdings in its ETFs below 10% of the total portfolio to ensure diversification.
This approach suggests Ark may continue to adjust its position in Coinbase depending on how the stock performs relative to other assets.
On Monday, Coinbase shares fell 7.3% to $189.47 at market close, reaching their lowest level since February.
That decline has cut the stock's year-to-date gains from 75% at one point to just 9.5%, according to TradingView.
Despite the decline, Coinbase shares are up 113% over the past year, but are still 45% below the all-time high of $342.98 set in November 2021.
As of August 5, Coinbase is valued at $35.2 billion. In Ark's portfolios, Coinbase ranks as the third-largest holding with an 8.6% weighting in the ARKK ETF, worth $441 million.
It is the fourth largest holding with a rate of 6.7% in the ARKW fund, worth $82.5 million, and the largest holding with a rate of 9.7%, with a value of $72 million in the ARKF fund.
*It is not an investment recommendation.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/ark-invest-led-by-cathie-wood-turned-the-downturn-into-an-opportunity-bought-coinbase-shares-worth-millions-of-dollars/" rel="noopener noreferrer nofollow">Ark Invest, Led by Cathie Wood, Turned the Downturn into an Opportunity! Bought Coinbase Shares Worth Millions of Dollars!</a>

Ark Invest, Led by Cathie Wood, Turned the Downturn into an Opportunity! Bought Coinbase Shares Worth Millions of Dollars!

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