The cryptocurrency market's decline on Tuesday caused bitcoin (BTC) to fall to a three-month low, dipping below $87,000, resulting in unprecedented outflows from U.S. spot bitcoin ETFs.
Cathie Wood’s investment management firm, ARK Invest, bought more Coinbase (COIN) shares on Tuesday amid a downturn in the cryptocurrency market that had a strong impact on crypto stocks.
The firm bought 41,032 COIN shares for its flagship Next Generation Internet ETF (ARKW) as the crypto exchange’s stock slid nearly 6.5% to $212.49 during the day.
In contrast, ARK sold 98,060 shares of its own spot bitcoin ETF (ARKB), which were valued at around $8.6 million.
The cryptocurrency market downturn on Tuesday saw bitcoin (BTC) price fall to a three-month low, slipping below $87,000, which in turn led to record outflows from U.S. spot bitcoin ETFs.
The funds saw net outflows of nearly $940 million, the biggest single-day sell-off since the ETFs launched in January 2024, according to SoSoValue data.
But the market downturn also allowed ARK to make its largest COIN purchase in dollar terms since August 5, when it bought 93,800 shares for $17.8 million.
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