-Ark Invest Invests $8 Million in US’s Largest Cryptocurrency Exchange -
Ark Invest took advantage of the crypto market crash following the US presidential debate to buy 53,708 Coinbase shares ($8.4 million).
The investment firm, led by Cathie Wood, made the purchases across three exchange-traded funds (ETFs): 38,475 shares ($6 million) for the Innovation ETF (ARKK), 9,349 shares ($1.5 million) for the Next Generation Internet ETF (ARKW), and 5,884 shares ($925,000) for the Fintech Innovation ETF (ARKF).
The purchase was Ark Invest’s first since it bought $21.8 million worth of Coinbase shares in early August. Ark’s strategy is to ensure that no individual holding accounts for more than 10 percent of the funds’ portfolio.
As of September 12, Coinbase accounts for 6.5% ($355 million) of the ARKK ETF, 5.1% ($67 million) of the ARKW ETF, and 7.3% ($60 million) of the ARKF ETF.
Trump-Harris Debate and Crypto Surge
The volatility following the presidential debate between Donald Trump and Kamala Harris on Wednesday provided an opportunity for Ark to buy. Coinbase shares fell 5% on Wednesday before recovering to close down 0.8% at $157.15.
