Ark launches ”low price buy” strategy as Coinbase shares fall

Ark Invest, led by Cathie Wood, has taken advantage of the recent drop in Coinbase's stock price to buy an additional $13.4 million in Coinbase shares.
According to The Block, Coinbase shares fell by about 5% amid the market correction that began at the end of March. Ark Invest saw this as a buying opportunity and bought shares on April 4th, the first Friday of April.
On the 29th (local time), the company purchased a total of 83,157 Coinbase shares through three of its exchange-traded funds (ETFs).
The largest purchase this time was made by the ARK Innovation ETF (AR
KK), Coinbase bought 54,988 shares worth approximately $8.8 million. Coinbase now holds approximately 7.5% of ARKK, bringing its total holdings to approximately $342 million.
Other ETFs include ARKW, a Next Generation Internet ETF, with 15,982 shares worth about $2.5 million, and ARKF, a Fintech Innovation ETF, with 1 share worth about $2 million.
In ARKF's case, Coinbase now accounts for 9.4% of the portfolio, making it the second-largest holding. The top holding was Sho, which accounted for 13%.
Ark Invest has deployed a strategy to ensure that no individual stock has more than a 10% weighting within a single fund.
In addition to Coinbase, Ark Invest will also acquire Amazon.
Ark Invest also bought additional shares in Coinbase for $7.8 million after the stock price crashed in March.
The company purchased $16 million worth of shares, indicating that it is taking advantage of the sustained decline in stock prices as a buying opportunity.