Cathie Wood and her Ark Invest company have continued its COIN purchasing spree, buying a further 64,358 Coinbase shares on Monday (March 10).
This most recent COIN purchase was worth $11.5 million and came as Coinbase stock dropped 17.5% in the last 24 hours. The continued buying of COIN stock gives hope to crypto investors hoping that Ark is front running a much needed market-wide pump.
Cathie Wood’s Ark Also Purchase Robinhood Stock Alongside Its COIN Buy
The 64,358 Coinbase shares purchased by Ark were split across two exchange-traded funds and came as COIN dropped 17.5% in a disastrous Monday trading session amid the broader market collapse.
Of the total COIN purchase, the investment firm, headed by Cathie Wood, allocated 52,753 of its 64,358 Coinbase shares ($9.4 million) for its Ark Innovation ETF (ARKK). The remaining 11,605 shares ($2.1 million) have been placed in its Ark Fintech Innovation ETF (ARKF).
Ark’s latest rebalancing comes just one week after it bought $8 million worth of Coinbase shares for its Next Generation Internet ETF (ARKW). Ark purchased a further $8.7 million the week prior, which is a month-long COIN accumulation of $28.2 million.
Per the ARKK Fund dashboard, COIN is now the third-largest holding within its ARKK fund, weighing 7.1%, worth around $375.1 million. It sits behind Tesla and Roku in first and second, respectively.
Within its ARKF fund, Coinbase shares represent its second-largest holding, with a 7.7% weighting, worth around $65.7 million. It sits only behind Shopify, which holds a 9.89% weighting, worth $87,340,727.25.
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Ark Continues Rebalancing To Maintain Strategy That Allows No One Holding To Make Up More Than 10% Of A Fund
Ark adopts an investment strategy that limits individual holdings to 10% of a fund’s portfolio to maintain diversification within its funds. As a result, Ark undergoes regular rebalancing of its weightings to ensure that each holding stays under the 10% level.
As a result, if the value of Coinbase shares rises or falls significantly relative to Ark’s other holdings in its funds, expect to see further buys or sells.
Ark also bought 269,864 Robinhood (HOOD) shares worth $9.6 million for its ARKK fund on Monday as HOOD fell nearly 20% over the past day.
At the same time, Cathie Wood investment firm sold 375,607 shares (worth $20.6 million) in Block (XYZ) from its ARKK and ARKW funds. The Jack Dorsey-led company saw its stock drop 8.8%, a smaller daily drop than HOOD and COIN.
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Cathie Ark and her Ark Investment Firm Buy A Fresh 64,358 Bag Of Coinbase (COIN) Stock
- Recent purchase of COIN shares worth $11.5m
- Ark splits 64,358 COIN shares between its ARKK and ARKF funds
- Ark has been buy Coinbase stock for nearly a month, yesterdays buy takes COIN spree to $28.2m
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