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Cathie Wood’s investment firm ARK Invest started buying Coinbase (COIN) shares amid a major market sell-off as Bitcoin briefly fell below $50,000. On August 5, ARK continued to purchase 28,632 Coinbase shares after holding off since 2024.
Notable Move by ARK Invest
TradingView data shows the purchase cost $5.4 million, with COIN closing at $189.5 on August 6. ARK’s return to buying Coinbase shares occurred amid significant declines in the crypto markets triggered by high volatility in traditional stock markets.
On August 5, Bitcoin fell below $50,000 for the first time since February 2024, briefly touching $49,800, according to CoinGecko data. The price drop erased most of Bitcoin’s recent gains, falling over 20% from around $63,000 on August 1 to about $55,000 before recovering. At the time of writing, Bitcoin was trading at $55,661, up about 6% in the last 24 hours but still down 16% over the past week.
Details on the Matter
As previously mentioned, Coinbase shares reflected Bitcoin’s price, while COIN mirrored the state of the crypto market. According to TradingView data, Bitcoin added about 93% to its value over the last 12 months, while Coinbase shares rose over 110%.
In parallel with Bitcoin’s decline, Coinbase shares fell 20.7% on August 5, dropping to $173 per share. TradingView data shows that after a subsequent recovery, Coinbase shares closed down about 7% on Monday at $189.5. This development could indicate a potential recovery in COIN shares.
The downturn in the crypto market continues to affect Bitcoin and Bitcoin-focused investment vehicles. During this period, publicly traded exchanges and mining companies reported notable gains, while share prices continued to suffer Bitcoin-focused losses. This process shows a direct correlation with Bitcoin’s price.
