Cathie Wood increases Coinbase holdings again: ARKK buys $7.5 million in a single day

[BlockBeats] As the market rebounded on Tuesday, Cathie Wood’s Ark Invest made another move. This time, they targeted a familiar name—Coinbase.

The ARKK fund directly bought 28,315 shares of COIN, spending about $7.5 million. They also scooped up 42,434 shares of Bullish, spending around $1.8 million, and that stock even rose by 5% that day. Meanwhile, the ARKW fund was also active, acquiring 1,951 shares of Robinhood for roughly $245,000.

Interestingly, this isn’t the first time they’ve increased their holdings. Just a week ago, on November 26, three of Ark’s ETFs jointly purchased $16.5 million worth of Coinbase stock. These moves show that Wood’s team has been continually adjusting their portfolio allocations during the recent market volatility.

According to the latest disclosed data, as of December 3, COIN has already climbed to the second-largest holding in ARKK, accounting for 5.6% of the portfolio with a market value of about $409.6 million. The only larger position is Tesla, with a holding of just over $900 million. It seems that in Wood’s view, the importance of cryptocurrency exchanges is becoming increasingly hard to ignore.