Coinbase’s action fell 16.7 % in a single day, closing at $ 314.69.
Ark Invest bought 94,678 shares via the ETF Arkk, Arkw and Arkf.
The investment firm led by Cathie Wood, Ark Invest, took advantage of the recent correction in the stock market to increase its exhibition in two key companies: Coinbase and Bitmine Immersion Technologies.
In the middle of a day marked by strong falls, ARK acquired a total of 94,678 Coinbase (Coin) sharesdistributed among three of its quoted funds: Ark Innovation (Arkk), Ark Next Generation Internet (ARKW) and Ark Fintech Innovation (ARKF), according to transaction reports Revised by Cointelegraph.
The investment totals about 30 million dollars and was completed the same day Coinbase suffered a decrease of 16.7 %closing at $ 314.69, their worst daily performance in several months. During that session, the price reached 310.55 dollars well below its maximum of 52 weeks of 444.64 dollars, according to Google Finance reports.
The new purchase of ARK arrives just after a stage of partial divestment. The previous Monday, the Arkw fund had sold 18,204 Coinbase sharesvalued at almost 7 million dollars, based on the closing price of that day, which was $ 379.49 per share.
ARK has demonstrated a dynamic portfolio management strategy. Days before its new investment in Coinbase, the company had sold 18,204 shares of the same company, valued at approximately 7 million dollars, which reflects a tactic of rebalancing that allows it to take advantage of moments of market weakness.
Ark also reduced his exposure to Robinhood (Hood), selling 11,262 shares for a value close to 1.1 million dollars, in a possible attempt to reallocate capital within the Fintech sector and crypto to companies with greater projection.
Bitmine parallel bet
In addition to coinbase, ARK also increased its position in Bitmine Immersion Technologies (BMNR)incorporating 540,712 actions of the Bitcoin mining company in its Arkk, Arkw and Arkf funds. This operation represents an investment close to 17 million dollars.
The purchase coincided with a fall of 8.55 % in the price of BMNR, which closed Friday at $ 31.68, after having reached an intradic minimum of $ 30.30 during a volatile session.
It is not the first time in recent days that Ark is interested in Bitmine. The firm had already bought more than 20 million dollars in BMNR shares on the previous Mondayand the previous week would have completed an additional acquisition of 182 million dollars, which demonstrates a clear accumulation strategy.
ARK’s purchases are given while the market shows economic cooling signs. The banking sector actions led the losses: JPMorgan fell more than 2 %, while Bank of America and Wells Fargo retreated more than 3 % each. Great industry names, such as GE Aerospace and Caterpillar, also closed the week in red, reflecting a decline in the demand for loans and concerns about a possible deceleration in the US. UU.
