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Ark Invest buys $2.44M in Coinbase stock as shares plunge nearly 10%

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Ark Invest buys — Cathie Wood’s Ark Invest purchased $2.44 million worth of Coinbase shares on Thursday as the stock price fell sharply amid a wider market sell-off.

The investment came as Coinbase stock dropped 9.69% during the trading session. The decline was part of a broader market downturn affecting major technology and crypto-related equities.

Ark Invest, known for its bullish stance on disruptive technologies including cryptocurrency, has been a consistent buyer of Coinbase shares. The firm’s flagship ARK Innovation ETF has held a significant position in the exchange operator for several years.

The purchase highlights a strategy of accumulating shares during periods of price weakness. It follows a pattern of Ark adding to its Coinbase holdings following previous market dips, reflecting a long-term conviction in the company’s role in the digital asset ecosystem.

Original reporting: The Block