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ARK Invest Buys $18M Worth of Coinbase Shares As The Price Tumbles

In a recent development, Cathie Woods Ark Invest purchased 268,928 Coinbase (COIN) shares following the Wells notice from SEC.

The report revealed that the investment firm had sold 160,887 Coinbase shares from its Fintech Innovation ETF, making it the first since the year began. This recent move shows that the firm aims at buying the dip as the share prices fell following the Wells notice. 

The investment firm sold its ARK Fintech Innovation ETF on March 21, realizing $13.5 million. Before the sale, Ark Invest bought 301,437 shares for its ARK Innovation ETF ARKK on March 9. It also bought 52,255 shares for its ARK Next Generation Internet ETF (ARKW) the same day. 

The firm spent a whopping $20.5 million to buy the shares, but by March 22, the value had spiked close to $30 million. This difference in value may have informed its first sale of 160,887 shares from the ARKF ETF for $13.5 million. 

(by Eli Dambell)

Ark Invest Coinbase
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