Investment manager ARK Invest, which is known for buying the dip when markets go south, has purchased 199,401 Coinbase (COIN) shares in the past three days.
The Cathie Wood-run company bought 83,157 shares of the crypto exchange on Friday, followed by 84,514 and 31,730 on Monday and Tuesday, respectively, according to the company’s daily emailed statements. Based on closing prices, the shares would have cost a total of $31.51 million. They are now valued about $29.3 million based Tuesday’s close.
The St. Petersburg, Florida-based company aims to avoid having one particular holding account for a weighing of more than 10% of an exchange-traded fund’s (ETF) total value. When a particular stock falls, it presents a buying opportunity for ARK.
Coinbase shares have fallen over 15% in the last week as both cryptocurrency and equity markets tumbled following the steep import tariffs imposed by U.S. President Donald Trump.
BTC is around 8% lower than a week ago, while the S&P 500 and Nasdaq have both dropped more than 10%.
Read More: Cathie Wood’s ARK Buys Over $13M Worth Coinbase Shares During Market Rout