Cathie Wood isn’t backing down from crypto. As markets reel from rising volatility, Ark Invest swooped in with a fresh $13.4 million purchase of Coinbase (COIN) shares across three of its actively managed ETFs, doubling down on a stock that’s taken a recent hit.
The acquisition follows a 5% drop in COIN’s price last week, a move that appears to have signaled opportunity—not weakness—for the tech-focused investment firm.

According to Ark Invest’s latest disclosures, the ARK Innovation ETF (ARKK) led the charge, snapping up 54,988 COIN shares valued at approximately $8.8 million. With this latest buy, COIN now makes up about 7.5% of ARKK’s portfolio, totaling roughly $342 million in value.
The ARK Next Generation Internet ETF (ARKW) added 15,982 shares (~$2.5 million), while the ARK Fintech Innovation ETF (ARKF) picked up 12,187 shares, worth about $2 million.
Doubling Down on Disruption And Diversification
Alongside Coinbase, all three Ark funds also bought shares in Amazon, investing a combined $7.8 million. Meanwhile, Ark trimmed exposure to UiPath, the automation software firm, signaling a portfolio shift amid changing market sentiment.
Interestingly, COIN is now the second-largest holding in the ARKF ETF, accounting for 9.4% of the fund, edging close to Ark’s informal cap of 10% per single company. Shopify still leads the fund at 13%.

Ark has a well-documented strategy: buy high-conviction assets during downturns. This isn’t the first time the firm has pounced on a COIN price dip. Back in March, Ark bought $16 million worth of Coinbase shares, also after a sharp decline.
At its peak in December 2024, COIN traded as high as $343. Since then, it’s been on a downward slope—down 5% in the past week and roughly the same over the past six months. The recent slide brought Coinbase’s market cap below $30 billion, a level not seen since September 2024.
COIN isn’t alone. Other publicly traded crypto firms like Galaxy Digital and Block Inc. have suffered similar declines. Market instability and macroeconomic uncertainty have driven risk-averse behavior across the board.
Still, not all crypto-linked equities are falling. Strategy (formerly MicroStrategy) has remained steady, thanks to its aggressive Bitcoin accumulation strategy. As it continues to stack billions in BTC, investors appear to view it as more of a proxy for Bitcoin itself than a traditional tech stock.
Cathie Wood’s Ark Invest is once again signaling a high-conviction belief in crypto’s long-term upside, even if the short-term picture remains choppy. The decision to double down on Coinbase amid a dip is classic Ark: lean in when others are pulling back.
Momentum or Misstep?
Ark’s big Coinbase purchases might turn out to be a smart move, if the crypto market recovers and Coinbase bounces back. But with the company losing value and challenges ahead, it’s a risky bet during uncertain times.
One thing is certain: Cathie Wood still believes in crypto’s future and she’s backing that belief with real money.