Ark Invest, led by prominent fund manager Cathie Wood, purchased an additional $4.8 million worth of Coinbase (COIN) shares on Tuesday across three exchange-traded funds, ahead of Trump’s reciprocal tariffs that took full effect at midnight on Wednesday.
Ark Invest bought 31,730 Coinbase Global Inc. shares on Tuesday across three ETFs, according to the firm's latest trade filing.
The ARK Innovation ETF (ARKK) purchased 11,522 Coinbase shares, worth about $1.7 million based on the day's closing price, while the ARK Next Generation Internet ETF (ARKW) bought 15,313 Coinbase shares, worth roughly $2.3 million. The ARK Fintech innovation ETF (ARKF) also acquired 4,895 Coinbase shares, or $741,400.
The investment firm's latest purchase came just a day after it bought $13.3 million worth of Coinbase shares for the ARKW and ARKF funds.
Following the purchase, Coinbase shares took a 7.31% weight in ARKK, making it the ETF's third-largest holding, worth $328.35 million. In ARKW, COIN was also the third-largest constituent with a 6.62% weight, while in ARKF, it accounted for a 7.86% weight and was the second-largest holding.
Ark's COIN investment coincided with the ongoing market retreat, with major U.S. stock indexes ending lower on Tuesday. The Dow Jones Industrial Average dropped 0.84%, and the S&P 500 fell 1.57%. The Nasdaq Composite lost 2.15%.
Coinbase stocks closed down 3.69% at $151.47, and fell further by 3.18% during after-hours trading, according to Google Finance.
Investors around the world continue to monitor the fallout from the U.S. President Donald Trump's massive tariffs, now in full effect. This includes a whopping 104% tariff on China, according to CBS News.
The crypto market also took the blow, with bitcoin down 5.68% in the past 24 hours, trading at $75,362 at the time of writing. The world's largest cryptocurrency briefly rallied above $80,000 on Tuesday, following an earlier sell-off that had pushed it as low as around $74,300 earlier this week, according to The Block's bitcoin price page.
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