Cathie Wood’s Ark Invest made a significant investment in crypto stocks last Friday, August 1st, taking advantage of a dip in the US stock market. They spent a whopping $47 million!
Coinbase Gets a Boost
The biggest chunk of that money went to Coinbase (COIN), the popular cryptocurrency exchange. Ark Invest added almost 95,000 shares, totaling roughly $30 million, across three of its funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). This was a smart move, buying low after Coinbase’s stock price plummeted over 16% that day – one of its worst single-day drops ever. This is a big change from their recent selling of Coinbase stock.
BitMine Also Sees Investment
Ark Invest also significantly increased its holdings in BitMine Immersion Technologies (BMNR), buying over 540,000 shares for about $17 million. This follows a pattern of consistent investment in BitMine over the past few weeks, with over $20 million purchased just a few days earlier, and a massive $182 million purchase the week before that. This increased interest comes as BitMine boasts the largest Ether (ETH) treasury in the industry, holding a massive 625,000 tokens.
Coinbase Stock: A Closer Look
Coinbase’s stock price ended Friday at around $314.69, a pretty significant drop. While the past week saw a nearly 20% decline, the long-term picture is more positive, with the stock price up over 50% in the last three months and 22% year-to-date. This positive trend is likely linked to the overall improvement in the crypto market.