ARK Invest buys back $15 million worth of Coinbase shares

Uk Jin

Summary

ARK Invest said it bought back about $15.2 million worth of Coinbase shares via three ETFs following a recent large-scale selloff.
Coinbase shares closed in New York trading at $164.32, up about 16% from the previous session.
The market said the buyback is being interpreted as a strategic call that puts greater weight on a potential rebound after the recent pullback.

ARK Invest, the U.S. asset manager led by Cathie Wood, has bought Coinbase shares again following a recent large-scale selloff.

According to Cointelegraph on the 14th (local time), ARK Invest purchased about $15.2 million (about 20 billion won) worth of Coinbase Global shares via three of its exchange-traded funds (ETFs). It added 66,545 shares to the ARK Innovation ETF (ARKK), 16,832 shares to the Next Generation Internet ETF (ARKW), and 9,477 shares to the Fintech Innovation ETF (ARKF).

Coinbase shares closed at $164.32 in New York trading, up about 16% from the previous session.

ARK Invest had reduced its Coinbase stake last week. After selling roughly $17.4 million worth on the 5th, it also disposed of about $22 million worth on the 6th.

The market is interpreting the buyback as a strategic decision that bets on a potential rebound after the recent pullback.