Ark Invest Acquires $18M of Coinbase Shares

Ark Invest has recently made a significant investment in Coinbase, purchasing 93,797 shares worth a total of $17.8 million across three of its exchange-traded funds on Monday.

This purchase came as the market experienced a significant drop in prices. In its latest trade filing, Ark revealed that it bought 65,165 Coinbase shares worth $12.3 million from its Innovation ETF (ARKK), 13,003 shares worth $2.5 million from its Next Generation Internet ETF (ARKW), and 15,629 shares worth $3 million from its Fintech Innovation ETF (ARKF).

This is the first time that Ark has bought back Coinbase shares for its funds since June 2023 when it acquired $21 million worth of COIN. However, as the stock’s value increased by over 250%, Ark has previously sold off shares during this period.