- Coinbase stock had its worst single-day performance in recent months on Friday, plunging 16.7 percent to close at $314.69.
- Cathie Wood-led business increased its holdings in Coinbase (COIN) by 94,678 shares across three of its funds.
ARK Invest has increased its holdings in BitMine Immersion Technologies, a Bitcoin miner, and Coinbase, a prominent US crypto exchange, by taking advantage of the current stock market downturn.
Cathie Wood-led business increased its holdings in Coinbase (COIN) by 94,678 shares across three of its funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
Buying the Dip
Coinbase stock had its worst single-day performance in recent months on Friday, plunging 16.7 percent to close at $314.69, when the acquisition, valued at about $30 million, took place. COIN’s 52-week high was $444.64, and according to statistics from Google Finance, it recorded an intraday low of $310.55.
Following a period of consistent selling, ARK Invest has resumed purchasing Coinbase shares. Based on Monday’s closing price of $379.49, ARKW sold 18,204 shares of Coinbase on Monday, which is approximately $7 million.
BitMine Immersion Technologies (BMNR) was another company that ARK Invest fortified its holdings in. The firm spent almost $17 million for 540,712 shares in ARKK, ARKW, and ARKF.
The purchase occurred during a volatile trading day in which BMNR stock fell 8.55%, closing at $31.68, according to data from Google Finance. The stock had previously touched an intraday low of $30.30.
It is worth mentioning that BitMine has been steadily added to ARK Invest. Following last week’s $182 million BitMine investment, the company bought more than $20 million worth of BMNR shares across three of its actively managed ETFs on Monday. This purchasing frenzy follows BitMine’s bold move into Ether. Among the many Ethereum treasury firms, BitMine stands off with 625,000 Ether.
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