Cathie Wood’s company, Ark Invest, has been buying the dip and rebalancing its fund weightings. On Tuesday, the asset management company scooped up 9,892 Coinbase shares, worth approximately $3.9 million.
As far as the breakdown is concerned, 13,833 shares worth $2.7 million were diverted toward the Ark’s Innovation ETF [ARKK]. Meanwhile, the Next Generation Internet ETF [ARKW] and the Fintech Innovation ETF [ARKF] were bestowed with 2,743 shares [worth $533,000] and 3,316 shares [$644,000] respectively.
The latest purchase came on the heels of Monday’s round one of purchase. The firm bought around $17.8 million worth of COIN shares for the first time since June 2023.
Until now, Ark had only been offloading Coinbase shares. Several from the community associated the “dumping” label, but Wood dismissed it by clarifying that her company was just actively managing its shares.
At the time she also underlined that COIN has increased roughly nine-fold since Spring of 2023 and it has been more than 10% of Ark’s portfolio. The firm had just been taking profits and redeploying it into other stocks.
In other related news, Coinbase managed to beat Wall Street analysts' estimates last quarter by a slight margin. Brian Armstrong’s firm netted a total revenue of $1.45 billion. The average estimate hovered around $1.4 billion.
Transaction fees accounted for the largest piece of the source pie. However, owing to the not-so-appealing market conditions, traders and investors did not overly indulge in transactions. Volume dipped 28% resulting in a 27% QoQ shrink in transaction fees.
Earlier this month, Choi Emilie, the company’s President and COO, bid adieu to a portion of her COIN holdings.
COIN is currently trading at $188.51, down by 16.8% on the weekly.
