ARK Invest Swaps Bitcoin ETF Holdings for Coinbase Amid Crypto Market Turmoil
The cryptocurrency market faced a sharp decline on Tuesday, triggering record outflows from U.S. spot bitcoin ETFs.
Amid the market turmoil, Cathie Wood’s ARK Invest seized the opportunity to acquire $8.7 million worth of Coinbase (COIN) shares, capitalizing on a drop in crypto-related equities.
ARK boosted its position in Coinbase by adding 41,032 COIN shares to its Next Generation Internet ETF (ARKW) as the stock slid nearly 6.5% to $212.49. At the same time, the firm offloaded 98,060 shares of its own spot bitcoin ETF (ARKB), valued at approximately $8.6 million.
The broader crypto downturn saw bitcoin (BTC) dip below $87,000 for the first time in three months, leading to unprecedented spot ETF outflows. According to data from SoSoValue, investors pulled nearly $940 million from these funds—the largest single-day redemption since their launch in January 2024.
Despite the market turbulence, ARK took advantage of the selloff to make its biggest COIN purchase in dollar terms since August 5, when it acquired 93,800 shares for $17.8 million
