ARK Invest, led by Cathie Wood, made its first purchase of Coinbase (COIN) shares since June 6, 2023, buying $17.8 million worth of shares. The firm also bought $11.2 million worth of Robinhood (HOOD) shares for the first time since February 13.

The purchases came amid a sharp market decline, with COIN falling 7.3% to $189.47 and HOOD losing 8.17% to $16.42.

ARK often buys stocks when their price is down, only to sell them when they rise.