Ark Invest fully used market volatility following the first debate between Donald Trump and Kamala Harris. In response to the speeches by the candidates, Coinbase shares had fallen 5% before recovering to end the trading day at minus 0.8% down at $157.15.
According to the Ark Invest documents, the Katie Wood-led investment firm bought 38475 shares of Coinbase stock, worth $6 mln for its Innovation ETF (ARKK), 9349 shares – worth $1.5 mln for its Next Generation Internet ETF (ARKW), and 5884 shares-worth $925,000- for its Fintech Innovation ETF (ARKF).
In early August 2024, an investor purchased $21.8 million of Coinbase shares in the most recent trade of the cryptocurrency exchange’s securities. Katie Wood tries to regulate and rebalance investments in the fund so that no stock is more than 10% of any Ark Invest ETF portfolio as a way of de-risking across asset classes.
Coinbase exchange-traded securities are already the fourth-largest asset in the ARKK fund. It accounts for 6.5% of the ETF portfolio, or about $355 million. Its share of crypto exchange stocks in ARKW is 5.1%, and in ARKF – 7.3%.