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Date: 2025-02-26 10:04:46
Cathie Wood's investment management firm, ARK Invest, acquired $8.7 million worth of Coinbase (COIN) shares on Tuesday as the cryptocurrency market experienced a significant downturn, causing crypto equities to decline.
ARK Invest added 41,032 COIN shares to its Next Generation Internet ETF (ARKW), with the cryptocurrency exchange's stock dropping nearly 6.5% on the day to close at $212.49.
Concurrently, ARK Invest sold 98,060 shares of its own spot bitcoin ETF (ARKB), amounting to approximately $8.6 million.
The cryptocurrency market's decline on Tuesday saw bitcoin (BTC) plummet to a three-month low below $87,000, resulting in record outflows from U.S. spot bitcoin ETFs.
The funds reported net outflows of nearly $940 million, marking the largest single-day sale since their inception in January 2024, according to data compiled by SoSoValue.
Read More: "Coinbase's Shares Decrease 5.4% due to BofA Lowering Price Forecast by 14%"
However, the crypto market downturn provided an opportunity for ARK Invest to make its largest COIN purchase in dollar terms since Aug. 5, when it acquired 93,800 shares for $17.8 million.
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