ARK Invest Shifts Strategy, Dumps Bitcoin ETF Shares for $8.7M in Coinbase Stock Amid Crypto Sell-Off
As the cryptocurrency market faced a sharp downturn on Tuesday, ARK Invest, led by Cathie Wood, reshuffled its portfolio by reducing exposure to its own Bitcoin ETF while increasing its stake in Coinbase (COIN).
The investment firm sold 98,060 shares of the ARK 21Shares Bitcoin ETF (ARKB), valued at roughly $8.6 million, and reinvested in 41,032 shares of Coinbase through its Next Generation Internet ETF (ARKW). This move came as COIN stock dropped 6.5% to $212.49 amid the broader market slump.
Bitcoin (BTC) plunged to a three-month low below $87,000, triggering a record $940 million in outflows from U.S. spot Bitcoin ETFs—the largest single-day withdrawal since their debut in January 2024, according to SoSoValue.
Despite the downturn, ARK took advantage of the dip, executing its largest COIN purchase in dollar terms since August 5, when it added 93,800 shares worth $17.8 million.
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