Ark Invest Snaps Up $11.5 Million in Coinbase Shares Amid Crypto Market Dip

Cathie Wood’s Ark Invest didn’t blink on Monday, diving in to buy $11.5 million worth of Coinbase shares as the crypto exchange’s stock took a 17.6% nosedive in a wild market session. The haul? A tidy 52,753 shares ($9.4 million) for the Ark Innovation ETF (ARKK) and 11,605 shares ($2.1 million) for the Ark Fintech Innovation ETF (ARKF).

This isn’t Ark’s first rodeo with Coinbase lately. It’s the third week in a row the firm has scooped up shares, adding $8 million to its Next Generation Internet ETF (ARKW) last week and $8.7 million the week before that. All told, Ark’s three-week Coinbase spree now clocks in at $28.2 million. The strategy here is pretty straightforward: keep any single stock from hogging more than 10% of a fund’s portfolio. So, as Coinbase’s price swings—up or down—Ark tweaks its holdings to stay diversified.

Right now, Coinbase sits as ARKK’s third-biggest player, with a 7.1% slice worth $375.1 million, trailing only Tesla and Roku. Over in ARKF, it’s the number-two holding at 7.7%, or $65.7 million, just behind Shopify. Monday’s buy came on a brutal day for Coinbase, though—shares closed at $179.23, a whopping 34.6% drop over the past month, according to The Block. Still, a 4.3% bounce in Tuesday’s pre-market trading suggests some folks might be ready to bargain-hunt.

It wasn’t just Coinbase feeling the sting. The crypto world had a rough Monday all around—Strategy’s stock fell 16.7%, and MARA, the top public Bitcoin miner, shed 16.3%. Bitcoin itself stumbled 7.6%, while the GMCI 30 index, a snapshot of the top 30 cryptos, slid 8.4%. Amid the chaos, Ark also grabbed 269,864 Robinhood shares ($9.6 million) for ARKK as that stock cratered 19.8%. On the flip side, they ditched 375,607 shares of Block from ARKK and ARKW while Jack Dorsey’s outfit saw an 8.8% dip.

Ark’s clearly playing the long game, snapping up deals when the market gets shaky. With Coinbase’s valuation holding at $33.3 billion, per The Block’s data, the big question now is whether these bets will shine once the crypto storm settles. Investors everywhere are watching—and maybe holding their breath a little, too.