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ARK Invest Buys the Coinbase Dip

ARK Invest has bought 199,401 Coinbase (COIN) shares over the past three days.

By Mike Hesp
• 2 min read
ARK Invest Buys the Coinbase Dip

Asset manager ARK Invest has bought 199,401 Coinbase (COIN) shares over the past three days. The Cathie Wood-led firm bought 83,157 shares of the crypto exchange on Friday, followed by 84,514 on Monday and 31,730 on Tuesday. Based on the closing prices, the shares would have cost roughly $31.51 million in total.

The background to the COIN investment is, however, just a rebalancing after the recent sell-off in equities and crypto markets. Coinbase shares have fallen more than 15% over the past week.

Today, on Wednesday, Coinbase stock made a dramatic jump. With U.S. President Trump rolling back most import tariffs and focusing his trade dispute on China, COIN is currently up more than 14%.

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