Originally published on: August 06, 2024
As Bitcoin briefly dipped below $50,000, Cathie Wood’s ARK Invest made a significant move by purchasing 93,797 Coinbase shares on August 5th. This purchase marked a shift from the firm’s previous strategy of selling off Coinbase stock in 2024.
The $17.8 million transaction coincided with Bitcoin’s turbulent ride, dropping below $50,000 for the first time since February 2024. Despite the volatility, Bitcoin managed to recover to around $55,000 after tumbling more than 20% from its recent high of $63,000.
In line with the crypto market’s fluctuations, Coinbase stock mirrored the downward trend, plummeting 20.7% on August 5th before closing at $189.50. This decline reflects the broader market sentiment, with cryptocurrency-related stocks experiencing similar movements.
Aside from reentering Coinbase, ARK Invest also made notable trades in other crypto-related assets, including selling off shares of Block and ETH futures-based ETFs while acquiring shares of Robinhood. These diverse transactions reflect ARK’s response to the ever-changing crypto landscape.
In a time of uncertainty and volatility, Cathie Wood’s ARK Invest remains agile and strategic in its investment decisions, navigating the complex crypto market with confidence. As the market continues to evolve, ARK’s moves will be closely watched by investors seeking opportunities in the crypto space.
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