ARK Invest Offloads Bitcoin ETF Shares, Snaps Up $8.7M in Coinbase Stock Amid Market Turmoil
As the crypto market tumbled on Tuesday, ARK Invest, the firm led by Cathie Wood, made a bold move by shifting funds from its Bitcoin ETF into Coinbase (COIN) shares.
ARK offloaded 98,060 shares of its ARK 21Shares Bitcoin ETF (ARKB), valued at approximately $8.6 million, while acquiring 41,032 shares of Coinbase for $8.7 million through its Next Generation Internet ETF (ARKW). The purchase came as COIN stock dropped 6.5% to $212.49, presenting a buying opportunity.
The broader crypto market saw a sharp sell-off, with Bitcoin (BTC) plunging to a three-month low below $87,000. This downturn triggered record outflows from U.S. spot Bitcoin ETFs, totaling nearly $940 million—the largest single-day withdrawal since the funds launched in January 2024, according to SoSoValue.
Despite the turmoil, ARK used the dip to make its biggest dollar-value purchase of Coinbase shares since August 5, when it added 93,800 shares for $17.8 million.
