TechFlow reported on August 6 that ARK Invest, Cathie Wood's investment management firm, took advantage of Monday's sharp market decline to purchase shares of Coinbase (COIN) and Robinhood (HOOD), marking the first such purchases in several months, according to Coindesk.
ARK bought $17.8 million worth of COIN, its first purchase of the cryptocurrency exchange's stock since June 6, 2023, when it acquired $21.6 million worth. ARK also added $11.2 million worth of shares in Robinhood, a crypto-friendly online brokerage, its first HOOD purchase since February 13.
COIN shares dropped 7.3% that day, closing at $189.47, while HOOD fell 8.17% to $16.42. ARK typically increases positions during price declines, aiming to profit if prices rebound. Following these transactions, COIN represented 8.55% of ARK's Innovation ETF (ARKK), 6.73% of its Next Generation Internet Fund (ARKW), and 9.72% of its Fintech Innovation ETF (ARKF).
