Investment Company ARK Invest Purchased Coinbase Shares After a Long Time! Here are the Details

Cathie Wood’s investment company ARK Investworth approximately $2.2 million Coinbase (COIN) He made a significant move by purchasing shares.

Cathie Wood’s ARK Invest Purchases $2.2 Million Worth of Coinbase Shares

This purchase marks ARK’s first purchase of COIN shares since September 11 and highlights renewed confidence in the crypto exchange’s future prospects.

ARK added 12,994 COIN shares to its Fintech Innovation ETF (ARKF) on Tuesday. Although COIN closed the day down 0.73% at $167.69, the ETF now owns approximately $67 million worth of Coinbase shares, accounting for 7.43% of the fund’s total value.

Coinbase shares have risen about 6.5% since ARK’s last purchase but remain 20% lower since late August. Investing can be a strategic play anticipating a potential rally fueled by a surge in Bitcoin (BTC) prices that has historically occurred in October.

Unlike the Coinbase purchase, ARK sold 135,665 shares of Robinhood (HOOD), worth approximately $3.5 million.

The sale was likely to comply with a Securities and Exchange Commission (SEC) regulation that limits funds from more than 5% exposure to companies that derive more than 15% of their revenue from the sale of securities.

Robinhood shares closed at $25.61 on Tuesday, up nearly 10%.

Cathie Wood’s ARK Invest continues to fine-tune its portfolio, reflecting strategic shifts as it navigates the evolving landscape of the crypto and fintech sectors.

*This is not investment advice.