Cathie Wood’s ARK Investment Management seized the opportunity presented by the massive $5.4 trillion sell-off in U.S. equities, acquiring over 83,000 shares of Coinbase (COIN) to boost its stake in the crypto exchange, despite a significant downturn in prices across the market.
The total expenditure on these shares exceeded $13 million, based on Coinbase’s closing price on Friday.
As per ARK’s daily trading report from April 4, Wood’s prominent fund, the ARK Innovation ETF (ARKK), purchased close to 55,000 Coinbase shares. Further acquisitions were made through the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF).
This move is particularly significant given the context. Coinbase’s stock has fallen by more than 12% during the market correction, whereas Bitcoin and other cryptocurrencies have demonstrated some resilience. In that timeframe, the CoinDesk 20 (CD20) index registered a 5.8% drop. The sell-off coincided with U.S. President Donald Trump’s announcement of reciprocal tariffs against numerous countries worldwide.
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