ARK Invest Buys $8.7M in Coinbase Shares Amid Crypto Market Dip, Sells $8.6M in Bitcoin ETF Shares on Tuesday

On Tuesday, ARK Invest, led by Cathie Wood, capitalized on the cryptocurrency market downturn by purchasing $8.7 million worth of Coinbase (COIN) shares. This acquisition included 41,032 COIN shares for its Next Generation Internet ETF (ARKW), as Coinbase's stock price decreased by nearly 6.5% to $212.49. This purchase marks ARK's largest COIN acquisition in dollar terms since August 5. Simultaneously, ARK sold 98,060 shares of its own spot Bitcoin ETF (ARKB), valued at approximately $8.6 million. The broader crypto market experienced a significant downturn on Tuesday, with Bitcoin (BTC) falling to a three-month low below $87,000, leading to record net outflows of nearly $940 million from U.S. spot Bitcoin ETFs, the largest single-day sale since their inception in January 2024.