What to know:
- In a twist worthy of a Dostoevsky novel, ARK Invest, in a fit of financial fervor, snatched up a staggering $8.7 million of Coinbase shares on Tuesday, as the cryptocurrency market took a nosedive that would make even the most stoic of investors weep.
- With the grace of a ballet dancer, ARK added 41,032 COIN shares to its Next Generation Internet ETF (ARKW), just as the crypto exchange’s stock plummeted nearly 6.5% to a mere $212.49. Ah, the sweet scent of opportunity amidst chaos!
- Meanwhile, in a move that could only be described as a financial game of musical chairs, ARK sold 98,060 shares of its own spot bitcoin ETF (ARKB), worth around $8.6 million. One man’s loss is another man’s gain, or so they say!
Ah, Cathie Wood’s investment management company, ARK Invest, has once again danced into the spotlight, this time with a dazzling $8.7 million purchase of Coinbase (COIN) shares on Tuesday, as the cryptocurrency market spiraled downwards like a wayward pigeon in a storm.
As the crypto exchange’s stock took a tumble, ARK, with the enthusiasm of a child in a candy store, added 41,032 COIN shares to its Next Generation Internet ETF (ARKW), while the stock fell nearly 6.5% to a paltry $212.49. Truly, a spectacle to behold!
In the meantime, ARK decided to part ways with 98,060 shares of its own spot bitcoin ETF (ARKB), worth around $8.6 million. A classic case of “out with the old, in with the new,” if you will!
The cryptocurrency market’s dramatic plunge on Tuesday saw bitcoin (BTC) tumble to a three-month low below $87,000, leading to record outflows from spot bitcoin ETFs in the U.S. It’s as if the market decided to throw a farewell party for the bulls!
These funds registered net outflows of nearly $940 million, the largest single-day sale since they began trading in January 2024, according to data tracked by SoSoValue. A veritable exodus, one might say!
Yet, amidst this chaos, the crypto market slide presented ARK with a golden opportunity to make its largest COIN purchase in dollar terms since August 5, when it added a whopping 93,800 shares for $17.8 million. Oh, the irony of fortune favoring the bold!
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2025-02-26 12:39