ARK Invest purchased $47 million worth of cryptocurrency-related stocks on Friday as markets tumbled. The Cathie Wood-led investment firm bought shares in Coinbase and BitMine Immersion Technologies during steep price declines.
ARK added 94,678 shares of Coinbase across three of its exchange-traded funds. The purchase was worth approximately $30 million based on Friday’s closing price.
The buying came as Coinbase stock dropped 16.7% to close at $314.69. This marked the crypto exchange’s worst single-day performance in recent months.
Coinbase hit an intraday low of $310.55 during Friday’s trading session. The stock remains well below its 52-week high of $444.64.
ARK distributed the Coinbase purchases across its Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF. The firm had been selling Coinbase shares earlier in the week before reversing course.
On Monday, ARK’s Next Generation Internet ETF sold 18,204 Coinbase shares worth nearly $7 million. The Monday sale occurred when Coinbase closed at $379.49.
ARK also increased its position in Bitcoin miner BitMine Immersion Technologies. The firm purchased 540,712 shares worth an estimated $17 million across its three ETFs.
BitMine stock fell 8.55% to close at $31.68 on Friday. The stock hit an intraday low of $30.30 during volatile trading.
ARK has been consistently adding BitMine shares in recent weeks. The firm bought over $20 million worth of BitMine stock on Monday following a $182 million purchase the previous week.
BitMine has been making an aggressive pivot into Ethereum holdings. The company now holds the largest corporate Ether treasury with 625,000 ETH tokens.
SharpLink Gaming ranks second among corporate Ether holders with 438,200 ETH. BitMine’s Ethereum strategy has attracted investor attention as the company diversifies beyond Bitcoin mining.
US stocks posted sharp declines on Friday to start August trading. The Dow Jones fell 542 points in its steepest drop since mid-June.
The S&P 500 and Nasdaq also recorded their worst trading days in months. Weak economic data triggered the broad market selloff.
July’s jobs report showed only 73,000 new positions were added during the month. This figure came in well below economist expectations for job growth.
Revisions to May and June employment data revealed even weaker job creation than initially reported. The labor market data suggested underlying economic weakness that had been building over recent months.
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