ARK Invest Buys More Coinbase and BitMine Shares After Price Drop

Cathie Wood’s ARK Invest bought more Coinbase and BitMine shares after their prices dropped in the recent market dip.

ARK Invest Buys Coinbase And BitMine Shares

ARK Invest has bought more Coinbase and BitMine shares after prices drop, spending about $47 million across its funds. The firm bought 94,678 Coinbase shares worth about $30 million across three of its funds, ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF).

This came after Coinbase stock dropped 16.7% on Friday, closing at $314.69, its biggest one-day loss in months.

The stock hit a low of $310.55, far below its recent high of $444.64. Interestingly, ARK had just sold 18,204 Coinbase shares earlier in the week for around $7 million when the price was $379.49.

ARK Invest also increased its investment in BitMine Immersion Technologies (BMNR), buying 540,712 shares across its ARKK, ARKW, and ARKF funds. The $17 million purchase came after BMNR stock fell 8.55% to $31.68, hitting a low of $30.30 during Friday’s trading.

ARK Adds BitMine Shares As Market Falls On Job Report

This follows a wave of buying by ARK. Earlier in the week, the firm bought over $20 million worth of BitMine shares, after spending $182 million on the stock last week. BitMine has recently shifted focus to Ethereum and now holds the largest corporate stash of Ether, 625,000 ETH.

Meanwhile, Wall Street had a rough start to August. The Dow dropped 542 points on Friday, its biggest fall since mid-June, while the S&P 500 and Nasdaq also saw major losses. The drop followed disappointing jobs data showing only 73,000 new jobs in July, much lower than expected. Job numbers from May and June were also revised lower, pointing to a weakening job market.