ARK Invest Acquires $2.2 Million in Coinbase Shares, Marks First Investment Since September

Cathie Wood's investment firm, ARK Invest, just bought about $2.2 million worth of Coinbase (COIN) shares. This purchase is significant because it’s the first time they’ve invested in this crypto exchange since September 11.

On Tuesday, ARK added 12,994 COIN shares to its Fintech Innovation ETF (ARKF). After the purchase, COIN closed at $167.69, down 0.73% for the day. Now, ARKF holds around $67 million in COIN stock, which makes up 7.43% of the fund's total value.

Since ARK's last purchase, COIN has increased by about 6.5%. However, it’s still 20% lower than it was in late August. This might mean ARK is preparing for a rally, especially since Bitcoin (BTC) prices often rise in October.

Additionally, ARK sold 135,665 shares of Robinhood (HOOD), worth nearly $3.5 million. They did this to comply with a rule from the Securities and Exchange Commission (SEC). This rule states that funds can’t have more than 5% exposure to companies that make over 15% of their income from selling securities. On Tuesday, HOOD shares jumped nearly 10%, closing at $25.61.