ARK Invest scoops up Coinbase, BitMine shares amid stock dips
ARK Invest bought $30 million in Coinbase and $17 million in BitMine shares on Friday amid price dips.
ARK Invest has seized the recent stock market dip to boost its stakes in major US crypto exchange Coinbase and Bitcoin miner BitMine Immersion Technologies.
The Cathie Wood-led firm added a total of 94,678 shares of Coinbase (COIN) across three of its funds, including the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), according to trade notifications seen by Cointelegraph.
The purchase, worth around $30 million, came as Coinbase stock plunged 16.7% on Friday, closing at $314.69, its worst single-day performance in recent months. COIN hit an intraday low of $310.55, significantly below its 52-week high of $444.64, according to data from Google Finance.
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