Ark Invest purchased $2.44 million in Coinbase Global Inc. (COIN) shares on Thursday as the crypto exchange's stock fell 9.69 percent during a broad market decline.
The S&P 500 fell 4.4 percent, the Dow Jones dropped 3.4 percent, and the Nasdaq Composite decreased 5.5 percent. Bitcoin fell 6.0 percent to $75,635, while Ethereum dropped 8.1 percent to $2,228.
Ark distributed the Coinbase shares across three actively managed ETFs: the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Fintech Innovation ETF (ARKF).
Coinbase, the largest U.S. cryptocurrency exchange by trading volume, generates revenue from transaction fees, staking services and custody solutions for retail and institutional clients. The purchase increases Ark's exposure to the digital asset infrastructure layer, suggesting conviction in long-term ecosystem growth despite near-term volatility.
