ARK Invest Swaps Nearly $9M of Its Own Bitcoin ETF for Coinbase

Cathie Wood's investment management company ARK Invest snapped up $8.7 million of Coinbase (COIN) shares on Tuesday as the rout in the cryptocurrency saw crypto equities slide.

ARK added 41,032 COIN shares to its Next Generation Internet ETF (ARKW), as the crypto exchange's stock fell nearly 6.5% on the day to $212.49.

Meanwhile, ARK sold 98,060 shares of its own spot bitcoin ETF (ARKB), worth around $8.6 million.

The rout in the cryptocurrency market on Tuesday, saw bitcoin (BTC) fall to a three-month low below $87,000, brought about record outflows from spot bitcoin ETFs in the U.S.

The funds registered net outflows of nearly $940 million, the largest single-day sale since they began trading in January 2024, according to data tracked by SoSoValue.

The crypto market slide however presented an opportunity to make its largest COIN purchase in dollar terms since Aug. 5, when it added 93.8 million 93,800 shares for $17.8 million.