COIN

Cathie Wood’s investment management company, ARK Invest, purchased $17.8 million of Coinbase’s COIN and $11.2 million of Robinhood’s HOOD. ARK Invest’s massive Robinhood and Coinbase stock purchases came after the crypto market slump, which affected crypto-related stocks, such as HOOD and COIN.
The massive COIN purchase is the first the company has made since June 2023, when it bought over $21 million of COIN. The investment company’s acquisition of HOOD was also the first since February of this year.&nbsp;
TradingView data from August 5 showed that COIN lost 7.32% to $189.47 while HOOD lost 8.17% to $16.42. Monday’s crypto and stock market crash is among the worst, with multiple coins registering significant losses.
The U.S. and Japanese stock markets also experienced huge losses during the stock market slump. The Dow Jones Industrial Average, S&amp;P 500, and NASDAQ Composite all saw significant losses, while the Nikkei 225 Index slumped by 12%, the most significant drop since 1987.&nbsp;
<h3 id="span-style-font-weight-400-ark-invest-purchases-stocks-through-its-etfs-span">ARK Invest purchases stocks through its ETFs</h3>
Recent ARK stock acquisitions were through its ETFs, including the ARK Innovation ETF (ARKK), ARK Autonomous Technology &amp; Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), ARK Genomic Revolution ETF (ARKG), Ark Fintech Innovation ETF (ARKF), and ARK Space Exploration &amp; Innovation ETF (ARKX).
ARK bought the 93,797 Coinbase and 681,885 Robinhood shares through ARKK, ARKW, and ARKF. The investment company also made notable stock purchases from Meta Platforms Inc., AMD Inc., Palantir Technologies Inc., Amazon.com Inc., and Tesla Inc. ARK stock purchases on Monday amounted to over $70 million.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Cathie Wood and Ark Invest's trade activity from today 8/5 (2/2) <a href="https://t.co/nrUKJPG0OT" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/nrUKJPG0OT</a>
 — Ark Invest Daily (@ArkkDaily) <a href="https://twitter.com/ArkkDaily/status/1820611908900212990?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">August 6, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
ARK Invest made significant spot Ether ETF purchases in addition to the crypto-related stocks. <a href="https://www.tradingview.com/symbols/TSX-ETHQ.U/" target="_blank" rel="noopener noreferrer nofollow">TradingView data</a> shows that ARK bought $1.7 million of 3iQ Ether Staking ETF shares worth approximately $21 million. Also, the Cathie Wood-led firm bought approximately 1 million shares through ARKW and the rest through ARKF. The 3iQ Ether Staking ETF launched in October and has seen over 24% growth.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Since our staking program began last October, the 3iQ Ether Staking ETF has seen +24% growth in its units outstanding. It is one of few Canadian ETH ETFs to see net creations in 2024 and is currently the only ETF with staking integrated today. Welcome new investors and thank you… <a href="https://t.co/miHhidWRLI" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/miHhidWRLI</a>
 — 3iQ Digital Asset Management (@3iq_corp) <a href="https://twitter.com/3iq_corp/status/1801679906499170665?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">June 14, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h3 id="span-style-font-weight-400-crypto-markets-rebound-in-the-past-24-hours-span">Crypto markets rebound in the past 24 hours</h3>
According to <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow" target="_blank">CoinMarketCap data</a>, most coins have shown signs of recovery in the past 24 hours. Bitcoin is up by 10.73% in the past 24 hours, reaching $55,156 at the time of writing. However, the king coin is still down 16.99% in the past 7 days. Ethereum is up by over 7%, Solana is up by 16.13%, XRP is up by over 10%, and DOGE is up by 8.8%.&nbsp;
Stocks tied to crypto also rebounded, including Riot Platforms, Microstrategy, and Coinbase. The NASDAQ Composite, <a href="https://finance.yahoo.com/quote/%5EN225/" rel="noopener noreferrer nofollow" target="_blank">S&amp;P 500</a>, and the Dow Jones Industrial Average are up by 0.17%, 1.02%, and 0.9%, respectively. The <a href="https://finance.yahoo.com/quote/%5EN225/" rel="noopener noreferrer nofollow" target="_blank">Nikkei 225 Index</a> is also up by 10%, recovering almost fully from Monday’s decline.
Spot Bitcoin ETFs saw more outflows since yesterday, recording over $168 million in outflows. Spot Ether ETFs still recorded over $48 million in net inflows.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 📈MARKET PULSE📉 BEST IN CLASS CRYPTO DIGEST!…NEWS, UPDATES, INSIGHTS AND MORE…⬇️
 🚨NEWS
 US spot <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$BTC</a> <a href="https://twitter.com/hashtag/ETFs?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#ETFs</a> saw $168 million in net outflows yesterday<a href="https://twitter.com/hashtag/ETHEREUM?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#ETHEREUM</a> SPOT ETFS REGISTERED $48.73M IN NET INFLOWS YESTERDAY TLDR: ETF investors, in aggregate, likely bought the dip… <a href="https://t.co/1B4noA3fya" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/1B4noA3fya</a>
 — Bojo (@Bojo0x) <a href="https://twitter.com/Bojo0x/status/1820723739937616323?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">August 6, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

ARK Invest purchases millions worth of COIN and HOOD

Table of Contents

Cryptopolitan_News

Other articles published on Aug 6, 2024

TrumpCoin Faces Major Value Drop

Worldcoin price prediction: What’s next for the controversial WLD token?

SEC Opposes Coinbase’s Document Requests in Legal Battle

Data points to Ethereum price making a short-term rally to the $3.2K level

VeChain Reaches New Development Peak in July 2024 as Core Developer Numbers Surge

Router Protocol Partners with OpenWorldSwap to Enhance Blockchain Experience

Join our free newsletter for daily crypto updates!