Ark Invest has beefed up its portfolio with millions of dollars worth of Coinbase (COIN) and Block (SQ) shares.
ARK bets on COIN and SQ
Barely 48 hours after selling off some of its Coinbase (COIN) shares, Ark Invest, an American investment management company has taken advantage of the recent price dip to increase its holdings.
Ark took some profit on its COIN holdings on March 21, just before the U.S. securities and exchange commission (SEC) slapped Brian Armstrong’s Coinbase with a Wells notice that triggered an over 11% drop in COIN’s value so far.
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According to an email sent to investors, the company added 230,599 shares of COIN and 275,544 shares of Block to its ARK Innovation (ARKK) exchange-traded fund (ETF) on March 23.
Ark Invest also added 45,013 shares of Block and 38,329 units of COIN to its ARK Next Generation Internet ETF (ARKW), plus another 17,515 units of SQ to the ARK Fintech Innovation fund (ARKF).
Per a CoinDesk report, the firm also purchased $12.6 million worth of Coinbase (COIN) shares and $18.1 million of Block (SQ) on March 24.
Founded in 2014 by Cathie Wood, the St. Petersburg, Florida-based investment management firm’s assets under management (AUM) stood at around $50 billion as of February 2021.
However, that amount has crashed to just $7.208 billion as of March 24, according to YCharts.
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