ARK Purchases $17.8 Million in COIN and $11.2 Million in HOOD

ARK Invest took advantage of the massive market decline by buying Coinbase (COIN) and Robinhood (HOOD) stock for the first time in months.

Cathie Wood’s investment management firm has purchased COIN for the first time since last purchasing $21.6 million worth of shares on June 6, 2023.

The firm, which purchased $17.8 million worth of COIN, purchased HOOD for the first time since February 13, making an $11.2 million investment in Robinhood.

COIN lost 7.3% of its value yesterday, closing at $189.47, as crypto and global stock markets experienced one of their sharpest losses in recent years. HOOD, on the other hand, lost 8.17% of its value, falling to $16.42.

It is known that ARK Invest, which makes purchases when prices fall, sells when prices recover. The company tries not to exceed the 10% limit in stock purchases.

Following yesterday’s purchases, COIN now makes up 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).