Led by Cathie Wood, ARK Invest has taken aggressive investment strategies by expanding its stakes in Coinbase and BitMine Immersion Technologies amidst recent market fluctuations.
ARK Invest Purchases in Coinbase
ARK Invest acquired a total of 94,678 shares of Coinbase (COIN) across three of its exchange-traded funds—ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The purchases, valued around $30 million, occurred just as COIN stock plunged 16.7% on Friday, closing at $314.69.
Expansion of Stakes in BitMine
In parallel, ARK also ramped up its position in Bitcoin mining firm BitMine Immersion Technologies (BMNR) by acquiring 540,712 BMNR shares across the same three ETFs, worth about $17 million. This follows a consistent buying trend, including a $20 million BMNR purchase earlier in the week and a massive $182 million acquisition the week prior.
Recent Market Trends
These aggressive purchases occurred against the backdrop of a weak broader market. On the first day of August, the Dow dropped 542 points, marking its steepest decline since mid-June. U.S. employment figures also fell short of expectations, adding to market anxieties, particularly concerning banking stocks.
Thus, despite negative market events, ARK Invest shows confidence in the future of Coinbase and BitMine, increasing its positions in these companies.
