Ark Invest Buys $13.4 Million More Coinbase Shares Amid Market Turmoil
Ark Invest, led by fund manager Cathie Wood, bought additional Coinbase (COIN) shares worth $13.4 million for three of its exchange-traded funds on Friday as the stock dipped around 5%, reacting to broader turmoil in the market.
The ARK Innovation ETF (ARKK) bought 54,988 COIN shares on Friday, according to its latest disclosures. The shares, worth $8.8 million at current prices, add to ARKK’s existing stash, which now sums to $342 million in value, comprising about 7.5% of the fund.
In addition, the ARK Next Generation Internet ETF (ARKW) purchased 15,982 shares, worth about $2.5 million, while the Ark Fintech Innovation ETF (ARKF) bought 12,187 shares, worth about $2 million. Each fund, including ARKK, also bought shares in Amazon, worth a total of $7.8 million, and sold shares in automation platform UiPath.
According to the firm’s disclosures, COIN is now the second-largest holding within the ARKF fund, comprising 9.4% of the fund, while Shopify, the top holding, comprises 13% of the fund. ARK’s funds generally aim to avoid having a single company take up more than 10% of a single fund’s portfolio.
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