Cathie Wood's ARK Invest Buys the Dip in Coinbase, Robinhood, Circle Stocks

Cathie Wood-led ARK Invest bought the dip in crypto-related stocks amid the ongoing crypto market crash. In latest transactions, Coinbase, Robinhood, and Circle stocks took the spotlight.

ARK Invest raised its stake in several crypto-related firms on June 25 amid a pullback. All four stocks bought by the investment firm were down Thursday. Coinbase stock closed at $142.52, down 5.06%. Robinhood stock fell 3.83% to $93.47, Circle slipped 3.06% to $68.81, and Bullish dropped 6.77% to $21.88.

ARK’s biggest allocation went to Robinhood. Cathie Wood’s ARK Innovation ETF (ARKK) purchased 35,023 shares, totaling about $3.27 million at the closing price. Similarly, ARKK bought 6,588 shares of Coinbase stock. ARK Next Generation Internet ETF (ARKW) added 1,678 COIN shares, and ARK Fintech Innovation ETF (ARKF) acquired an additional 748 COIN shares. In total, ARK bought 9,014 Coinbase shares, valued at approximately $1.28 million.

Cathie Wood’s ARK also made additions to Circle stock. ARKQ acquired 1,724 shares, ARKF acquired 768 shares, and ARKK acquired 672 shares, totaling 3,164 shares worth approximately $217,700. Another recipient of the buying activity was Bullish. ARKK bought 6,676 shares, ARKW purchased 1,702 shares, and ARKF purchased 758 shares, acquiring 9,136 Bullish shares worth nearly $199,900.

The new investments arrived days after ARK bought an additional 111,799 Coinbase shares valued at approximately $18 million. Despite this buying pressure, COIN stock has dropped significantly since then.

In a separate announcement, the firm recently snapped up $32.5 million worth of SpaceX stock in four of its ETFs via 210,121 shares. That move came after ARK made an approximately $530 million investment in the stock at its initial public offering, but SpaceX has since been trading at a lower price, erasing Cathie Wood’s gains.

Source: https://coingape.com/cathie-wood-ark-invest-buys-the-dip-in-coinbase-robinhood-circle-stocks/