Cathie Wood’s ARK Invest Buys $2.2M of Coinbase Shares

As an experienced researcher with a keen eye for emerging trends and a knack for spotting undervalued assets, I find Cathie Wood’s recent move to invest $2.2 million in Coinbase (COIN) intriguing. With ARK Invest’s history of bold and strategic investments, it seems that they are positioning themselves for potential gains as the crypto space evolves.

On September 11, after a break, Cathie Wood’s investment company, ARK Invest, made their initial stock acquisition in Coinbase (COIN), amounting to approximately $2.2 million. This represents their first purchase of shares in the cryptocurrency exchange since then.

On Tuesday, ARK incorporated approximately 12,994 shares of COIN into its Fintech Innovation ETF (ARKF). The closing price of COIN was $167.69, marking a 0.73% decline for the day. Currently, the COIN stock in ARKF totals around $67 million, making up 7.43% of the fund’s overall value.

Over the time since ARK Investment bought shares, COIN has increased approximately 6.5%. However, it’s still about 20% lower than its level from late August. There is speculation that ARK might be preparing for an uptrend due to a potential rise in Bitcoin‘s price, which historically tends to surge in October.

Ark Investment Management reduced its holdings of Robinhood (HOOD) by transferring 135,665 shares, valued around $3.5 million, as per a Securities and Exchange Commission (SEC) rule that limits funds’ exposure to securities from companies where these securities make up more than 15% of the company’s total income from selling said securities. The price of HOOD shares increased approximately 10% on Tuesday to finish at $25.61.