ARK Invest Offloads $9M in Bitcoin ETF to Increase Stake in Coinbase

ARK Invest Shuffles Bitcoin ETF Holdings, Buys $8.7M in Coinbase Stock Amid Market Slump

A steep downturn in the cryptocurrency market on Tuesday led to record outflows from U.S. spot bitcoin ETFs, prompting investment shifts among major players.

Cathie Wood’s ARK Invest responded to the market slide by acquiring $8.7 million worth of Coinbase (COIN) shares, taking advantage of the stock’s decline. The firm purchased 41,032 COIN shares for its Next Generation Internet ETF (ARKW) after the stock fell nearly 6.5% to $212.49.

At the same time, ARK offloaded 98,060 shares of its own spot bitcoin ETF (ARKB), worth approximately $8.6 million, as part of its portfolio reallocation strategy.

The broader crypto market suffered significant losses, with bitcoin (BTC) plunging below $87,000 for the first time in three months. This selloff triggered nearly $940 million in outflows from spot bitcoin ETFs—the largest single-day redemption since their introduction in January 2024, according to data from SoSoValue.

Despite the downturn, ARK capitalized on the opportunity, making its biggest COIN stock purchase in dollar value since August 5, when it bought 93,800 shares for $17.8 million.