ARK Invest capitalized on last week’s sharp market correction by significantly expanding its positions in both Coinbase and BitMine Immersion Technologies. The strategic buying move comes amid broader volatility across tech and crypto-related stocks.
ARK Invest Buys $30M in Coinbase Shares
On Friday, ARK Invest acquired 94,678 shares of Coinbase (COIN) across its three flagship funds—ARKK, ARKW, and ARKF. The total investment was valued at approximately $30 million.
This comes as Coinbase stock tumbled 16.7%, closing at $314.69—marking its worst single-day performance in recent months. The intraday low of $310.55 was a sharp decline from its 52-week high of $444.64.
This move signals renewed confidence from ARK Invest in the long-term value of crypto exchanges, despite short-term turbulence.
Interestingly, this buy followed recent profit-taking, where ARK sold nearly 18,204 Coinbase shares (around $7 million) just a few days earlier, highlighting the firm’s tactical rebalancing strategy.
$17M Added to BitMine Amid Ether Pivot
ARK Invest also added 540,712 shares of BitMine Immersion Technologies (BMNR), a Bitcoin and Ethereum mining company, across the same funds, totaling roughly $17 million in value. This came after BMNR stock dropped 8.55%, closing at $31.68.
This is part of an ongoing accumulation trend, following a $182 million purchase last week and $20 million earlier this week. BitMine has recently made headlines for holding 625,000 Ether, making it the largest corporate holder of ETH, surpassing even SharpLink Gaming.
BitMine’s increasing Ether exposure reflects a growing institutional shift toward Ethereum-based assets.
Stock Market Drops on Weak Jobs Data
Broader markets also experienced heavy losses, with the Dow falling 542 points, and both the S&P 500 and Nasdaq posting multi-month lows. July’s jobs report added just 73,000 jobs, sharply missing expectations and triggering concerns about economic slowdown.
Investor sentiment remains cautious as macroeconomic signals point to weakening growth and rising uncertainty.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.