Ark Invest Breaks Coinbase Acquisition Record With Latest Purchase

Cathie Wood’s Ark is still on a buying spree for Coinbase stock (COIN) and has recently loaded up about 353,000 shares across two funds.

The purchase which happened on Thursday is estimated to be around $20.5 million. This is barely two weeks after the assets management firm made a massive buy of Coinbase shares. All of Ark Invest’s January purchase of COIN does not equalize the last purchase.

A total of 301,437 Coinbase shares was added to Ark Innovation ETF (ARKK) and another 52,525 shares to Ark Next Generation Internet ETF (ARKW) priced at $17.5 million and $3 million respectively. In all of January, Ark Invest only acquired 333,637 shares. The firm purchased up to 213,519 shares in February across the same funds.

Markedly, this latest purchase is the largest amount of the cryptocurrency exchange’s stock that the growth investor has purchased since the beginning of this year. At the same time, it is the largest Coinbase stock acquisition this year as it accounts for about 30% of the American publicly traded company’s purchases. Altogether, Ark Invest has acquired a total of 566,000 shares this month which is more than 75% of its purchase in February. 

The asset manager is not plunging its resources only into COIN, but also into Robinhood stocks. On the same day of its latest Coinbase purchase, Ark Invest bought 265,566 Robinhood shares for its ARKK fund at a $2.5 million value.

Ark Invest Hold 3.8% Coinbase Stake

Currently, Ark Invest holds 9.9 million Coinbase shares, worth approximately $575 million based on Thursday’s closing price of $58.09.

This amount of holdings makes the firm a 3.8% stakeholder in the crypto exchange based on Nasdaq’s $15.1 billion valuation of Coinbase market capitalization. However, COIN dipped by up to 8% on Thursday as a Ripple effect of the current market situation.

Crypto-oriented financial institution Silvergate Bank announced plans to liquidate its assets and wind down operations after declaring the closure of its network following several financial troubles and regulatory pressures.

The news caused an upheaval in the crypto industry as many digital asset prices began to fall. Market prices of leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) equally fell by almost 8%.