ARK Invest, led by Cathie Wood, has resumed buying Coinbase stock after a period of selling. On August 5, ARK purchased 28,632 shares of Coinbase for $5.4 million.
This move comes as Bitcoin has recently fallen below $50,000. ARK had been selling off its Coinbase shares earlier this year but decided to start buying again amid the market downturn.
On August 5, Bitcoin briefly dropped to $49,800, marking its lowest point since February 2024. The price had been over $63,000 at the beginning of August, but it’s now around $55,000. This drop affected Coinbase stock as well, which fell by about 20.7% to $173 per share on August 5 before recovering to $189.50 by August 6.
In the past year, Bitcoin’s value has gone up by around 93%, and Coinbase’s stock has surged more than 110%. The recent drop in Bitcoin’s price also led to a significant drop in Coinbase’s stock price, but it has since started to recover.