Crypto: Cathie Wood’s Ark Loads Up On Coinbase, Robinhood As Stocks Slide...
The purchases came as geopolitical tensions tied to the US and Israel's conflict with Iran weighed on global markets, pushing major indexes lower.
Cathie Wood’s Ark Invest increased its exposure to crypto-related equities, adding shares of Coinbase and Robinhood Markets across several of its exchange-traded funds (ETFs) as broader markets pulled back.
The company purchased a combined 22,452 shares of Coinbase across the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), according to trade notifications for Tuesday. Based on Coinbase’s closing price of $182.36 during the day, the purchase was valued at about $4.1 million.
Ark also accumulated 158,587 shares of Robinhood through the same ETFs. With Robinhood closing at $76.07, the transaction was valued at about $12 million.
The purchases took place as concerns surrounding the escalating conflict involving the United States, Israel and Iran continued to pressure global markets, pushing major indexes lower. Both Coinbase and Robinhood declined during the session. Coinbase shares finished the day down 1.55%, while Robinhood fell 3.44%, according to data from Yahoo Finance.
Related: Morgan Stanley, other top holders add Bitmine exposure amid sell-off
Ark’s filings indicate the trades were part of broader portfolio adjustments across its funds. It also added shares of companies including Roblox, Shopify, Amazon, DraftKings, CoreWeave, Genius Sports, BioNTech and Eli Lilly, while reducing positions in Roku, Baidu, Taiwan Semiconductor Manufacturing, Nextdoor, PagerDuty and several other healthcare stocks.
In a post on X, ETF analyst James Seyffart noted that ARK did “a larger amount of trading” than usual during the day.
Last month, ARK Invest resumed buying Coinbase shares after trimming its position, purchasing about $15.2 million worth of stock. The move followed a series of Coinbase sell-offs by the Cathie Wood–led asset manager, including selling about $17.4 million worth of Coinbase shares on Feb. 5, followed by another $22 million sale on Feb. 6.
Related: ARK Invest adds $34M Robinhood stake as Bitcoin falls below $66K
Source: CoinTelegraph
