Ark’s Latest Moves: Buying More Coinbase and Robinhood Shares Amid Recovery
Ark Invest, owned by Cathie Wood, keeps bolstering its holdings in important fintech and cryptocurrency-related stocks. Notwithstanding recent market volatility, this action shows confidence in the industry. In this regard, Ark bought substantial shares in Coinbase, Bullish, and Robinhood on Tuesday. This illustrates its continuous approach to capturing possible market recoveries while rebalancing fund portfolios.
COIN Becomes Second-Largest Holding in ARK Innovation ETF
For its ARK Innovation ETF (ARKK), Ark Invest purchased 28,315 Coinbase (COIN) shares for about $7.5 million. This comes after last week’s acquisition of $16.5 million worth of Coinbase shares spread across three Ark ETFs. With a weighting of 5.6% and a valuation of approximately $409.6 million, COIN is currently the second-largest holding in ARKK. In order to maintain diversification, Ark’s fund strategy restricts any one holding to 10% of a portfolio. As market conditions change, the approach permits ongoing rebalancing.
Robinhood and Bullish Stocks Bought by Ark Amid Market Rebound
For the Ark Next Generation Internet ETF (ARKW), Ark also purchased 1,951 Robinhood shares ($245,000) and 42,434 Bullish shares ($1.8 million) for ARKK. In general, stocks linked to cryptocurrency recovered from Monday’s decline. Both Bitcoin and Ether also recovered, with BTC surpassing $91,000 once more and ETH regaining $3,000. These actions highlight Ark’s strategic positioning in high-potential stocks linked to digital assets as long as market volatility continues.
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