ARK Invest builds positions in Coinbase and Block over two consecutive days

ARK Invest-managed funds purchased Coinbase and Block for a total of $12.6 million.

Cathie Wood’s funds took advantage of the sharp drop in the companies’ market capitalizations. This was prompted by the SEC announcement of an investigation into the activities of the bitcoin exchange and Hindenburg Research’s open a short on the stock of Jack Dorsey’s firm.

The purchases were allocated as follows:

• the flagship Ark Innovation ETF (ARKK) — 158,833 Coinbase shares and 237,601 Block shares;
• Next Generation Internet (ARKW) — 26,394 Coinbase shares and 38,787 Block shares;
• Fintech Innovation ETF (ARKF) — 22,083 Block shares.

A day earlier, ARK Invest bought a total of 268,928 Coinbase shares for $17.8 million and 338,072 Block shares for $45.08 million.

The move followed a partial sale of the bitcoin exchange for $13.5 million two days earlier.

In October 2022, ARK Invest bought Coinbase securities for the first time since June. In November, the management firm’s funds spent another $21.4 million for these purposes, in December — $3 million and $5 million.

In February 2023, the firm invested in the platform $6.7 million and $9.27 million. By the end of the month, ARK Invest had purchased Coinbase shares worth $16.9 million.

In March, the organization directed an additional $3.44 million to these ends.