ARK Invest Reverses Stance on Coinbase with $15M Stock Acquisition

Cathie Wood's ARK Invest has made a notable move by acquiring approximately $15.2 million in Coinbase shares spread across three of its exchange-traded funds (ETFs). This decision comes just days after the investment firm sold off over $39 million worth of its Coinbase holdings, showcasing a rapid change in strategy.

The purchase signals a renewed confidence in the cryptocurrency exchange platform, indicating that ARK Invest sees potential value in Coinbase despite previously offloading a substantial amount of its stock. Such fluctuations in investment behavior highlight the volatile nature of the crypto market and the strategic approaches by institutional investors like ARK.