Crypto News- ARK Acquired $17.8M in COIN and $11.2M in HOOD Amid Market Decline

Crypto News- ARK Purchased $17.8M of COIN and $11.2M of HOOD as the Market Fell

Crypto News– ARK Invest capitalized on Monday’s significant market downturn to make its first purchases of Coinbase (COIN) and Robinhood (HOOD) shares in several months. Cathie Wood’s investment firm bought $17.8 million worth of COIN, marking its first purchase of the crypto exchange’s stock since June 6, 2023, when it acquired $21.6 million in COIN shares.

ARK also purchased $11.2 million in Robinhood shares, which is its first acquisition of HOOD since February 13. On Monday, COIN fell by 7.3%, closing at $189.47, amid a broader market sell-off that saw both crypto and global stock markets experience some of their sharpest declines in recent years. HOOD dropped by 8.17%, ending the day at $16.42.

ARK Invest typically takes advantage of falling stock prices to increase its holdings, with the strategy of selling them when prices rebound. The firm aims to ensure that no single holding exceeds 10% of any of its exchange-traded funds (ETFs), which had previously led to significant sales of COIN. After Monday’s purchases, COIN now constitutes 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).

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