ARK Invest increased its holdings of Coinbase stock by $17.8 million and Robinhood stock by $11.2 million yesterday

2024-08-06 16:46:32

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ChainCatcher news, according to Coindesk, Cathie Wood's investment management firm ARK Invest took the opportunity of the significant market drop on Monday to purchase shares of Coinbase (COIN) and Robinhood (HOOD) for the first time in months.

ARK purchased $17.8 million of COIN, marking its first purchase of shares in the cryptocurrency exchange since buying $21.6 million of COIN on June 6, 2023. ARK also increased its stake in the cryptocurrency-friendly online brokerage Robinhood, buying $11.2 million of HOOD shares, which is the first purchase of HOOD since February 13.

COIN's stock price fell 7.3% that day, closing at $189.47, while HOOD dropped 8.17% to $16.42. ARK typically increases its holdings when stock prices decline, aiming to profit when prices rebound.

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