Asset Management Firm Ark Invest has expanded its stock of the American centralized Exchange Coinbase and Blockchain technology company Bitmine. This purchase of $ 47 million from crypto-related shares came on Friday 1 August, after the dip in the US stock market due to weak economic data and newly adapted tariff policy.
Ark Invest is extending the interest in Coinbase shares with a purchase of $ 30-m
According to the The newest disclosure of the companyArk Invest added a total of 94,678 shares (worth around $ 29.8 million) Coinbase (Coin) in three of his funds, including the Ark Innovation ETF (Arkk), Ark Next Generation Internet ETF (Arkwig Innovation ETF (Arkf).
Interestingly, Cathie Wood-guided asset manager has seized the possibility to “buy the dip” after the price of the Coinbase shares on Friday fell by more than 16%. The price of Munt closed on the day at $ 314.69, which represents one of the worst single-day versions of the shares ever.
Moreover, this strategic acquisition seems to be a complete reversal of the recent trend of Ark Invest to dump the Coinbase shares. On Monday, July 28, ARK Next Generation Internet ETF (ArKW) sold 18,204 Shares of Coin (equal to around $ 7 million based on the final race of the day of $ 379.49).
Ark Invest also increased its participations of Bitmine Immersion Technologies (BMNR) and acquires 540,712 shares (worth around $ 17 million) in the aforementioned three funds on the same day. This purchase came on the back of the price drop of BMNR of more than 8% to close to $ 31.68.
In contrast to the Coinbase shares, however, Ark Invest has steadily added Bitmine’s shares to his portfolio in recent weeks. On Monday, the assets of asset management bought more than $ 20 million from BNMR shares in the Arkk, ArkW and Arkf funds.
More in particular, raised Ark Invest’s position in the Bitmine company with an estimated stock purchase of $ 182 million in the previous week. This increased interest from Ark Invest comes in the midst of the strong rotation of Bitmine in Ether and becomes the largest ETH Treasury company with 625,000 tokens in Holdings.
Currency overview
From the end of the trading hours on Friday, the price of Coinbase shares was around $ 314.69, which reflects a decrease of 16.7% on the day. Although the performance of the past week (almost a decrease of 20%) may have put a damper in the vote of investors, it is worth noting that the coin price has risen by more than 50% in the past 3 months.
The positive performance of the Coinbase shares can be associated with improving the climate of the cryptomarket. In the meantime, the coin supply has risen by 22% this year.
The price of COIN on the daily timeframe | Source: COIN chart on TradingView
Featured image of Istock, graph of TradingView
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