ARK Invest Increases Coinbase Holdings Amid Stock Dip, Suggesting Potential Strategic Positioning
Main Idea
ARK Invest increased its holdings in Coinbase and BitMine Immersion Technologies during recent market dips, signaling strong confidence in the US crypto sector.
Key Points
1. ARK Invest purchased 94,678 Coinbase shares worth $30 million during a 16.7% stock drop.
2. The firm also acquired 540,712 BitMine Immersion Technologies shares valued at $17 million amid an 8.55% price decline.
3. BitMine holds the largest corporate Ether treasury, with 625,000 ETH, aligning with ARK's focus on Ethereum mining.
4. The purchases occurred during broader market declines, influenced by weak July jobs data showing only 73,000 new positions added.
5. ARK Invest's moves reflect a long-term bullish outlook on crypto exchanges and mining companies.
Description
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