Cathie Wood’s Ark loads up on Coinbase, Robinhood as stocks slide on Iran conflict
The purchases came as geopolitical tensions tied to the US and Israel’s conflict with Iran weighed on global markets, pushing major indexes lower.
Cathie Wood’s Ark Invest increased its exposure to crypto-related equities, adding shares of Coinbase and Robinhood Markets across several of its exchange-traded funds (ETFs) as broader markets pulled back.
The company purchased a combined 22,452 shares of Coinbase across the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), according to trade notifications for Tuesday. Based on Coinbase’s closing price of $182.36 during the day, the purchase was valued at about $4.1 million.
Ark also accumulated 158,587 shares of Robinhood through the same ETFs. With Robinhood closing at $76.07, the transaction was valued at about $12 million.