Cathie Wood’s ARK Invest has made bold moves amid the recent stock market decline, snapping up millions in shares of Coinbase and BitMine Immersion Technologies. The investment firm took advantage of falling prices on Friday to increase its positions in two of the most prominent crypto-linked firms in the U.S.
According to trade disclosures viewed by Cointelegraph, ARK Invest acquired 94,678 shares of Coinbase and over half a million shares of BitMine across three of its key exchange-traded funds (ETFs): the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).
These aggressive buys come as part of ARK Invest’s long-standing strategy of accumulating tech and crypto assets during price downturns, despite recent selloffs in both equities.
$30M Coinbase Purchase Despite Sharp Drop
Coinbase (COIN), one of the most recognisable names in the crypto space, saw its share price plummet 16.7% on Friday. The stock closed at $314.69, having touched an intraday low of $310.55. That’s a significant fall from its 52-week high of $444.64, according to Google Finance data.
Still, ARK Invest saw the price drop as a buying opportunity. It invested around $30 million across its ETFs to purchase nearly 95,000 shares. This move comes just days after ARKW sold 18,204 Coinbase shares worth nearly $7 million when the price was significantly higher at $379.49.
The reversal signals a tactical shift from ARK Invest, which had recently been trimming its Coinbase holdings. The new purchase suggests renewed confidence in the crypto exchange, possibly tied to the broader decline in valuations that ARK views as temporary.
BitMine Gains ARK’s Confidence with Ether Strategy
BitMine Immersion Technologies (BMNR) was another major target of ARK’s latest buying spree. The firm purchased 540,712 BMNR shares worth an estimated $17 million, even as the stock dropped by 8.55%, closing at $31.68. At its lowest point during the session, the price dipped to $30.30.
This buy adds to a growing pile. ARK Invest had already acquired over $20 million worth of BitMine shares earlier in the same week, following a massive $182 million investment the week before.
One of the key reasons behind ARK’s interest in BitMine may be the miner’s pivot toward Ethereum. According to StrategicEtherReserves, BitMine now holds the largest corporate Ether treasury with 625,000 ETH, overtaking SharpLink Gaming, which holds 438,200 ETH. This shift from a pure Bitcoin mining strategy to one that includes significant Ether reserves appears to have impressed investors looking ahead to Ethereum’s expanding role in decentralised finance and smart contract platforms.
Market Jitters Fuel Broader Sell-Off
The broader U.S. stock market faced heavy losses on Friday, largely triggered by disappointing economic data and policy uncertainties. The Dow Jones Industrial Average plunged 542 points, its worst day since mid-June. The S&P 500 and Nasdaq followed suit with similarly steep declines.
Much of the downturn was driven by the latest jobs report, which showed only 73,000 new positions added in July. This figure fell far below analyst expectations and signalled a weakening labour market. Revisions to job data for May and June painted an even bleaker picture, suggesting that economic momentum may be slowing more than previously thought.
Banking stocks were among the hardest hit, with JPMorgan falling over 2%, and both Bank of America and Wells Fargo losing more than 3%. Industrial players like GE Aerospace and Caterpillar also experienced losses. Investors are increasingly concerned about reduced consumer demand, tightening credit conditions, and weakening confidence.
ARK Invest’s sizeable investments in Coinbase and BitMine at a time of market uncertainty highlight the firm’s continued belief in the long-term value of crypto companies. While the short-term outlook for markets remains volatile, especially with economic indicators flashing warning signs, ARK’s strategy signals that it sees these dips as opportunities rather than red flags.
