Ark Invest adds to Coinbase shares… $16.5 million

'Money Tree Sister' Cathie Wood-led ARK Invest purchased an additional $16.5 million (about ₩24 billion) worth of Coinbase shares.

On the 27th (local time), The Block reported that ARK Invest bought 62,166 Coinbase shares through an exchange-traded fund (ETF) the previous day (26th). At the current stock price, this amounts to $16.47 million. The Block said, "Coinbase is the 5th largest weighting in the 'ARK Innovation ETF (ARKK)'" and "the share of Coinbase in ARK Invest's overall ETF portfolio is 5.2%."

ARK Invest has recently been aggressively buying cryptocurrency-related stocks such as Circle (USDC), Coinbase, Bitmain, and Bullish. The Block said, "ARK Invest appears to be trying to take advantage of the notable downturn in cryptocurrency-related stocks." Coinbase's stock price has fallen about 26.7% in the past month.

Meanwhile, ARK Invest CEO Cathie Wood said she expects the liquidity squeeze in the cryptocurrency market to ease soon. Wood said on X, "The liquidity squeeze that has hit AI and cryptocurrency will reverse within weeks," adding, "the market is already reflecting this."