Ark Invest recently made a notable purchase of Coinbase shares. The firm acquired 64,358 shares worth $11.5 million. This move came on a challenging trading day when Coinbase dropped 17.85%.
Ark Invest bought shares through two of its exchange-traded funds. The Ark Innovation ETF (ARKK) purchased 52,753 shares valued at $9.4 million.
Meanwhile, the Ark Fintech Innovation ETF (ARKF) acquired 11,605 shares for $2.1 million. These investments were made as the market experienced significant losses.
Ark Invest Buys $11.5 Million Worth Of Coinbase Shares
Earlier in the month, Ark Invest had already bought 38,865 Coinbase shares. That purchase was worth $8 million and was made for its Next Generation Internet ETF (ARKW). At the same time, the firm sold off $8.2 million of its spot Bitcoin ETF (ARKB).
This rebalancing comes as the crypto market retraced gains after the so-called “Trump pump” over the weekend. The adjustments reflect Ark Invest’s commitment to keeping a balanced portfolio.
Market Impact and Price Update
Today, at the time of writing, Coinbase shares are trading at $179.23. The drop in share price was a result of broader market carnage. Ark Invest’s move signals confidence in the long-term value of Coinbase.
The strategic buying is part of a careful investment approach led by Cathie Wood. Her firm is known for backing innovative companies in technology and finance.
Also Read: Cathie Wood Uplifts Bitcoin Over Gold, Hails New SEC Head Atkins As Key To Crypto’s Future
Ark Invest always keeps a diversified portfolio. They ensure that no single holding takes up more than 10% of a fund’s value. This approach limits risk during volatile market conditions.
Expanding Horizons in India
In another significant move, Coinbase registered with India’s Financial Intelligence Unit (FIU). This registration will allow the firm to offer crypto trading services in India. Coinbase has announced plans to launch retail services in the country later this year.
The company aims to add more products and investments in India soon. The launch comes at a time when interest in cryptocurrencies is growing fast in India.
Many young Indians are exploring crypto trading as a way to supplement their incomes. Trading academies are seeing a rise in enrollment as the asset class gains traction.
A Balanced Portfolio Strategy
Ark Invest’s rebalancing move highlights its disciplined investment strategy. The firm closely monitors the weightings of its holdings. If the value of Coinbase shares changes significantly, Ark is ready to adjust its positions.
This strategy is designed to keep the funds well-diversified and manage risks effectively. The firm believes in long-term growth, even when short-term market trends are turbulent.
Also Read: Cathie Wood Predicts M&A Boom & Bitcoin Surging To $1 Million By 2030 Under Trump Presidency