Cathie Wood’s Ark Invest scoops up more Coinbase shares following crypto exchange’s ‘System Update’ event
Ark Invest purchased over $4.2 million in Coinbase shares following the exchange's announcement of expanding into stocks and prediction markets.Summary
Cathie Wood’s Ark Invest acquired 17,386 Coinbase (COIN) shares, valued at approximately $4.2 million, across its ARKK, ARKW, and ARKF ETFs on Thursday, continuing recent purchases amid market volatility. This rebalancing aligns with Ark's strategy to cap any single holding at 10% of a fund's portfolio. The purchases followed Coinbase's 'System Update' event where it announced a major expansion to become an "everything exchange," including rolling out stocks, prediction markets, and Solana DEX trading. Analysts reacted positively to this expansion, with firms like Benchmark reiterating a buy rating and JPMorgan noting the announcements meaningfully expand user engagement. Despite the positive outlook from analysts, COIN shares closed down 2% on Thursday, though they were up in pre-market trading Friday. Separately, Ark also bought $1.4 million worth of Solmate Infrastructure shares.
(Source：The Block)