ARK Invest makes the largest purchase of Coinbase shares since the beginning of 2024 amid the falling crypto market
The company bought shares of the exchange for $8,6 million, having previously sold shares of its own BTC ETF for a similar amount
26.02.2025 - 14:35
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What’s new? Investment company ARK Invest led by Cathie Wood on February 25 bought shares of the largest US centralized crypto exchange (CEX) Coinbase (COIN) for $8,7 million, as the general collapse of the crypto market led to a fall in the value of shares of crypto companies. Thus, the price of COIN fell 6,5% to $212,49 overnight.
What else is known? ARK Invest added 41 032 COIN to its Next Generation Internet ETF. At the same time, the company sold 98 060 shares of its own bitcoin-based spot ETF under the ticker ARKB for about $8,6 million.
The collapse in the crypto market on Tuesday led BTC to fall to a three-month low below $87 000, followed by a record outflow of funds from spot bitcoin ETFs in the United States.
According to SoSoValue, bitcoin funds recorded net outflows of nearly $940 million, the largest daily outflow since trading began in January 2024.
Meanwhile, the general decline in the cryptocurrency market provided ARK Invest with the opportunity to make its largest COIN purchase in dollar terms since August 5, when 93 800 shares were purchased for $17,8 million.
Coinbase has been accused of downplaying the risks of bankruptcy
The lawsuit states that the platform hid private trading information to compensate for the decline in cryptocurrency prices
Bitcoin spot fund ARKB has raised $2,72 billion during its run and accumulated $4,6 billion worth of bitcoins under management.
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