Cathie Wood's Ark Invest snaps up nearly $10 million in Coinbase and Circle stock
Quick TakeArk Invest bought another 54,776 Coinbase shares on Monday — worth around $8 million.The Cathie Wood-led firm also picked up $1.4 million in additional Circle shares, while offloading a small amount of Solmate stock. Ark Invest bought 54,776 Coinbase (COIN) shares, worth approximately $8 million, across three of its exchange-traded funds on Monday, adding to its holdings after the crypto exchanges shares slumped following last weeks earnings report. Of the total acquisition, the Cathie Wood-led investment firm bought 38,761 Coinbase shares ($5.7 million) for its Ark Innovation ETF (ARKK), 11,133 shares ($1.6 million) for its Ark Next Generation Internet ETF (ARKW), and 4,882 shares ($715,000) for its Ark Fintech Innovation ETF (ARKF) as the company continues to rebalance its fund weightings amid market volatility. Arks investment strategy aims to let no individual holding take up more than 10% of a funds portfolio. This is to maintain diversification within its funds — meaning Ark is likely to continue rebalancing its weightings if the value of Coinbase shares rises or falls significantly relative to Arks other holdings in its funds. According to the firms disclosures, COIN is currently the sixth-largest holding within its ARKK fund, with a weighting of 4.2%, worth around $238 million, as