ARK Invest buys $14.81m COIN, $9.37m HOOD as BTC fell under $50k

Cathie Wood’s ARK Invest has started buying Coinbase and Robinhood stock again during a major market crash that saw Bitcoin momentarily drop below $50,000.

ARK Invest purchased 93,797 shares of Coinbase Global Inc. (COIN) worth $17.77 million on Aug. 5. This is ARK’s first purchase of the cryptocurrency exchange’s stock after a sell-off period in 2024.

Additionally, ARK made its first purchase since Feb. 13, purchasing 681,885 shares of crypto-friendly online brokerage Robinhood (HOOD) for $11.19 million.

The buying activity was primarily within the ARK Innovation ETF (ARKK), which purchased 65,165 shares of Coinbase. The ARK Fintech Innovation ETF (ARKF) and ARK Next Generation Internet ETF (ARKW) also participated, purchasing 15,629 and 13,003 shares, respectively.

Similarly, the ARKK fund purchased 461,100 Robinhood shares, while the ARKF and ARKW funds added 110,402 and 110,383 Robinhood shares to their portfolios, respectively.

Both COIN and HOOD experienced significant losses in their stock value on Monday, August 5, with COIN down 7.3% to $189.47 and HOOD down 8.17% to $16.42 amid a broader market sell-off. The drop was one of the most severe in recent memory and affected both crypto and global equity markets.

On the same day, the value of Bitcoin (BTC) fell below $50,000 for the first time since February 2024, falling to $49,800, according to price data from crypto.news. This sharp decline caused Bitcoin to lose more than 20% of its value, falling from a low of around $63,000 on August 1 before partially recovering to around $55,000.

BTC 7-day price chart | Source: crypto.news

Bitcoin is currently trading at $55,092, up 6.4% in the last 24 hours, but still down 17% from the previous week.

ARK Invest typically increases its holdings in stocks during price declines and aims to sell them when market values ​​rise. The company manages its portfolio to prevent any single investment from exceeding 10% of the total value of its ETFs, which has recently led to a sell-off of COIN shares.