ARK Invest has made bold moves during the recent equity downturn, expanding its stakes in both Coinbase and BitMine Immersion Technologies.
Led by Cathie Wood, the investment firm acquired a total of 94,678 Coinbase (COIN) shares across three of its exchange-traded funds—ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF).
The purchase, valued around $30 million, came just as COIN stock plunged 16.7% on Friday.
It closed at $314.69, marking its worst single-day performance in months and dropping as low as $310.55 during intraday trading.
Reversal in Coinbase Strategy
Interestingly, ARK Invest had just sold 18,204 shares of Coinbase from its ARKW fund earlier that week.
Those shares were valued near $7 million based on Monday’s closing price of $379.49.
The quick pivot back to buying suggests ARK views the sharp drop as a strategic entry point.
BitMine Buys Continue
In parallel, ARK also ramped up its position in Bitcoin mining firm BitMine Immersion Technologies (BMNR).
The firm acquired 540,712 BMNR shares across the same three ETFs, a move worth about $17 million.
This follows a consistent buying trend in recent weeks, including a $20 million BMNR purchase earlier in the week and a massive $182 million acquisition the week before.
BitMine’s share price dropped 8.55% to close at $31.68 on Friday, reaching an intraday low of $30.30.
The dip comes despite BitMine’s increasing dominance in the Ethereum space.
According to StrategicEtherReserves, the company currently holds 625,000 ETH, making it the largest corporate holder of Ether.
SharpLink Gaming trails in second place with 438,200 ETH.
Wall Street Struggles on Jobs Data
These aggressive purchases occurred against the backdrop of a weak broader market.
U.S. equities opened August on a sour note, with the Dow shedding 542 points—its steepest decline since mid-June.
Both the S&P 500 and Nasdaq also posted their worst sessions in months.
The decline was triggered by lackluster employment figures and new tariff policies announced under President Trump.
Only 73,000 jobs were added in July, far short of expectations.
Even more concerning were downward revisions to May and June numbers, indicating that the labor market’s slowdown may be deeper than previously thought.
Banking stocks were hit hardest, with JPMorgan, Bank of America, and Wells Fargo all registering losses between 2% and 3%.
Industrial names like GE Aerospace and Caterpillar also closed lower, compounding market anxieties.