Ark Invest Scoops Up 54,776 Coinbase Shares Worth $8M After Post‑Earnings Slump
TL;DR
- Ark Invest bought 54,776 Coinbase shares worth $8 million, distributed across three of its ETFs, following the post-earnings market decline.
- The firm led by Cathie Wood also acquired 23,070 Circle shares for $1.4 million: CRCL has accumulated a 25% loss year-to-date.
- Ark shed 5,700 shares of Solmate, whose price collapsed 99% from its September peak despite the firm’s initial backing.
Ark Invest took advantage of Coinbase’s post-earnings drop to increase its positions in the exchange, buying 54,776 shares valued at approximately $8 million on Monday, August 4.
The purchase was distributed across three of its exchange-traded funds: 38,761 shares for the Ark Innovation ETF (ARKK), 11,133 for the Ark Next Generation Internet ETF (ARKW) and 4,882 for the Ark Fintech Innovation ETF (ARKF). The transaction was executed after Coinbase shares fell more than 14% following the release of its second-quarter results.
The investment strategy of Ark Invest, the firm led by Cathie Wood, establishes that no individual position may exceed 10% of a fund’s portfolio, which requires constant rebalancing based on the relative performance of each asset. According to the company’s public records, COIN is currently the sixth-largest holding within ARKK, with a weighting of 4.2% and a value of approximately $238 million as of August 4, behind Tesla, SpaceX, Tempus AI, CRISPR Therapeutics and Shopify.
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