ARK Invest Increases Crypto Exposure Amid Market Decline
- ARK Innovation ETF (ARKK) purchased 38,854 shares of Coinbase for $9.4 million.
- ARK Fintech Innovation ETF (ARKF) added an additional 3,325 shares of Coinbase.
- A total of approximately $9.2 million was invested in Circle Internet Group with a purchase of 129,446 shares.
- 88,533 shares of Bullish were acquired for about $3.2 million.
- Coinbase shares closed down by 2% at $216.95 on the trading day.
The downturn in cryptocurrency markets has adversely affected ARK’s ETFs, particularly ARKK and ARKF, which reported significant losses linked to crypto equities like Coinbase. ARK’s quarterly report highlighted that Coinbase was a major detractor as its share price fell more sharply than Bitcoin and Ether during this period.
Despite the market challenges, ARK remains bullish on the crypto sector’s growth potential, projecting it could reach $28 trillion by the year-end of its forecast period.(Source)
