Cathie Wood’s Investment in Coinbase Shares

Cathie Wood’s investment management company, ARK Invest, recently purchased $8.7 million worth of Coinbase (COIN) shares on Tuesday as the cryptocurrency market faced a downturn.

ARK added 41,032 COIN shares to its Next Generation Internet ETF (ARKW), even as Coinbase’s stock decreased nearly 6.5% that day, closing at $212.49.

In contrast, ARK sold 98,060 shares of its own spot bitcoin ETF, ARKB, worth approximately $8.6 million.

The cryptocurrency market saw bitcoin (BTC) drop to a three-month low below $87,000, resulting in unprecedented outflows from spot bitcoin ETFs in the U.S.

The funds experienced net outflows of nearly $940 million, marking the largest single-day sale since their trading began in January 2024, according to data from SoSoValue.

Despite the market downturn, ARK took the opportunity to make its largest COIN purchase in dollar terms since August 5, when it bought 93,800 shares for $17.8 million.