Cathie Wood’s ARK Invest acquires more than $17 million in COIN and over $11 million in HOOD from Coinbase.
ARK Invest, the investment management company of Cathie Wood, acquired $17.8 million of Coinbase’s COIN and $11.2 million of Robinhood’s HOOD. The crypto market decline, which impacted crypto-related equities such as HOOD and COIN, resulted in ARK Invest’s substantial stock purchases of Robinhood and Coinbase.
According to TradingView data from August 5, COIN experienced a 7.32% decline to $189.47, while HOOD experienced an 8.17% decline to $16.42. The crypto and stock market collapse that occurred on Monday is one of the most serious, with many coins experiencing substantial losses.
The stock market decline also resulted in substantial loses for the U.S. and Japanese stock markets. The Nikkei 225 Index experienced the most substantial decline since 1987, with a 12% decline, while the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite all experienced substantial losses.
Through ARKK, ARKW, and ARKF, ARK acquired 93,797 Coinbase and 681,885 Robinhood shares. The investment company also acquired significant stock from AMD Inc., Palantir Technologies Inc., Amazon.com Inc., Tesla Inc., and Meta Platforms Inc. On Monday, ARK stock purchases exceeded $70 million.
ARK Invest acquired substantial spot Ether ETFs in addition to crypto-related equities. According to TradingView data, ARK acquired shares of 3iQ Ether Staking ETF valued at approximately $21 million for $1.7 million. Additionally, the Cathie Wood-led organization acquired approximately 1 million shares through ARKW and the remaining shares through ARKF. Launched in October, the 3iQ Ether Staking ETF has experienced a growth rate of more than 24%.
CoinMarketCap data indicates that the majority of coins have demonstrated signals of recovery within the past 24 hours. Bitcoin has increased by 10.73% in the past 24 hours, reaching $55,156 at the time of this writing. Nevertheless, the king coin has experienced a 16.99% decline in the past seven days. XRP is up by over 10%, Ethereum is up by over 7%, Solana is up by 16.13%, and DOGE is up by 8.8%.
Also rebounding were stocks associated with cryptocurrency, such as Riot Platforms, Microstrategy, and Coinbase. 0.17%, 1.02%, and 0.9%, respectively, are the increases in the NASDAQ Composite, S&P 500, and Dow Jones Industrial Average. The Nikkei 225 Index has also increased by 10%, recovering nearly entirely from Monday’s decline.
Spot Bitcoin ETFs have experienced an increase in outflows since yesterday, with a total of over $168 million in outflows. The net inflows of Spot Ether ETFs were still over $48 million.
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