The corporation bought 84,080 HOOD stocks, valued at more than $1.4 million.
Ark Invest began repositioning COIN and related equities amid market slump.
Following stretches of selling, Cathie Wood of Ark Invest has increased her stock purchases of Coinbase (COIN) and Robinhood (HOOD). As investors pay more attention to market fluctuations, the asset manager keeps changing its holdings. Following the prior slump caused by macroeconomic issues, the cryptocurrency market has regained momentum.
In response to the recent jump in cryptocurrency prices, Ark Invest increased its holdings by buying additional Coinbase shares on August 6. The corporation increased its holdings by buying 84,080 HOOD stocks, valued at more than $1.4 million, and 13,833 COIN stocks, valued at almost $2.6 million. On the past trading day, the equities reached $17.21 and $194.17, respectively.
Repositioning Crypto Equities
This follows the asset manager’s repurchase of shares in the publicly traded cryptocurrency exchange. The business spent around $17.8 million to acquire 93,797 shares on August 5th.
After Bitcoin’s price dropped, causing the asset to trade below $50,000 for the first time in five months, Ark Invest began repositioning COIN and related equities. At the time of writing, bitcoin is trading at $55,897 as per data from CMC.
Whenever asset prices fall, it has a direct impact on cryptocurrency equities, which means that exchange and Bitcoin mining companies all take a little hit.
Nevertheless, digital asset stocks have been influenced by the recent gains in bitcoin and global financial markets. Traders continue to include COIN in their bullish estimations, as its price has increased by 2.48% in the last 24 hours. With $1.4 billion in sales, Coinbase surpassed expectations. The dip in HOOD stock caused Cathie Wood to add 84,080 shares to her portfolio.
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