Cathie Wood’s ARK Buys Over $13M in Coinbase Stock During Market Downturn
By Francisco Rodriguez | Edited by Aoyon Ashraf April 6, 2025, 8:00 PM
Cathie Wood’s ARK Investment Management took advantage of the $5.4 trillion sell-off in U.S. equities to buy more than 83,000 shares of Coinbase (COIN), strengthening its position in the cryptocurrency platform despite significant price declines across all sectors.
The total amount of shares purchased exceeded $13 million, based on Coinbase’s closing price on Friday.
According to ARK’s daily trading report for April 4, Wood’s flagship fund ARK Innovation ETF (ARKK) purchased about 55,000 shares of Coinbase, while additional purchases were made by the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF).
The timing is remarkable. Coinbase shares have fallen more than 12% in the market crash, while Bitcoin and other cryptocurrencies have held firm. The CoinDesk 20 Index (CD20) has fallen 5.8% in the same period. The selloff came after U.S. President Donald Trump unveiled his retaliatory tariffs against nearly every country in the world.
Read more: Bitcoin begins to separate from Nasdaq as US stocks plunge
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