Cathie Wood’s Ark Invest Boosts Coinbase Holdings During Market Dip

Cathie Wood’s investment firm Ark Invest has made another significant move by purchasing more shares of Coinbase (COIN) during a market dip.

On Friday, as COIN shares fell by about 5%, Ark Invest acquired additional shares valued at $13.4 million for three of its exchange-traded funds (ETFs).

The ARK Innovation ETF (ARKK), Ark’s flagship fund, bought nearly 55,000 COIN shares worth approximately $8.8 million. This purchase boosts ARKK’s total Coinbase holdings to around $342 million, making up about 7.5% of the fund.

Meanwhile, the ARK Next Generation Internet ETF (ARKW) added nearly 16,000 COIN shares worth $2.5 million, and the Ark Fintech Innovation ETF (ARKF) acquired over 12,000 shares valued at $2 million.

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Besides Coinbase, Ark’s funds also picked up shares of Amazon, spending a combined $7.8 million, while offloading shares of automation software company UiPath. Coinbase now ranks as the second-largest holding in ARKF, accounting for 9.4% of the fund’s assets, with Shopify still holding the top spot at 13%. Ark typically aims to keep individual companies from exceeding 10% of a single fund.

This isn’t the first time Ark Invest has seized a buying opportunity with Coinbase. Earlier in March, the firm purchased more than $16 million worth of shares following a similar price drop. Although COIN once reached a peak of $343 in December, its current price has struggled, dropping about 5% over the past six months and recently dipping below a $30 billion market valuation for the first time since September 2024.

The latest purchase reflects Ark’s strategy of capitalizing on short-term market fluctuations to build long-term positions, particularly in innovative technology and digital assets.

Alexander Stefanov