Ark Invest, the investment firm led by Cathie Wood, purchased a total of 53,708 Coinbase shares worth $8.4 million across three of its exchange-traded funds (ETFs) on Wednesday, amid a broad crypto-related market drop following the U.S. presidential debate on Tuesday night.

The firm bought 38,475 shares ($6 million) for its Innovation ETF (ARKK), 9,349 shares ($1.5 million) for its Next Generation Internet ETF (ARKW), and 5,884 shares ($925,000) for its Fintech Innovation ETF (ARKF).

This is the first time Ark has bought or sold Coinbase shares for its funds since acquiring $21.8 million worth of COIN in early August, coinciding with crypto market lows that saw the price of bitcoin briefly drop below the $55,000 level.

Ark's investment strategy involves limiting individual holdings to no more than 10% of an ETF's portfolio, in order to maintain diversification within its funds, meaning the firm is likely to continue rebalancing its Coinbase weightings if the stock price rises or falls significantly relative to its other holdings.

As of September 12th, Coinbase is the fourth-largest holding in Ark's ARKK ETF, with a weighting of 6.5% worth around $355 million, the sixth-largest holding in its ARKW fund at 5.1% ($67 million), and the second-largest holding in its ARKF fund at 7.3% ($60 million).

Source: https://www.theblock.co/post/316069/ark-invest-coinbase-shares-presidential-debate

The information provided in this article is for informational and educational purposes only, based on news and sources gathered from the internet. This content should not be considered as investment advice, financial guidance, or a suggestion to buy or sell any digital assets. Before making any financial decisions, we recommend consulting with a professional financial advisor and conducting your own research. The author and the blog are not responsible for any losses or damages that may arise from using this content.