ARK Bought $17.8M of COIN, $11.2M of HOOD as Market Slumped

As a seasoned crypto investor with a knack for spotting opportunities in turbulent markets, I can confidently say that ARK Invest’s recent purchases of COIN and HOOD shares were a shrewd move. Monday’s market slump, while daunting to many, presented an ideal opportunity to buy low and potentially sell high – a strategy that ARK has consistently demonstrated over the years.

On the backdrop of Monday’s significant market downturn, ARK Invest made their initial buys of Coinbase (COIN) and Robinhood (HOOD) stocks within recent months.

As a crypto enthusiast, I recently made a strategic move to invest a significant sum of $17.8 million in COIN, marking my firm’s first purchase of the crypto exchange’s stock since our previous investment of $21.6 million back on June 6, 2023.

Ark Investment Management purchased $11.2 million worth of shares in the cryptocurrency-focused online brokerage Robinhood for the first time since February 13th.

On Monday, COIN experienced a significant drop of 7.3% to end the day at $189.47, as part of a broader market sell-off that resulted in substantial losses for both cryptocurrencies and global stock markets, marking one of the steepest declines in recent years. Similarly, HOOD saw a decrease of 8.17%, closing at $16.42.

ARK Invest frequently buys shares when their values decrease, planning to sell them once the prices recover. The company strives to ensure that no single investment exceeds 10% of any of its Exchange-Traded Funds (ETFs), leading to significant selling of COIN in recent times.

Based on the acquisitions made on Monday, COIN makes up approximately 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).