A major U.S. investment firm took advantage of Friday’s market sell-off to load up on shares of two prominent crypto-linked companies—Coinbase and BitMine Immersion Technologies.
Trade disclosures show that Ark Invest purchased 94,678 Coinbase (COIN) shares—worth about $30 million—spread across three of its ETFs: ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF).
The move came as Coinbase stock suffered a 16.7% plunge to $314.69, marking its worst single-day drop in months and far below its 52-week peak of $444.64. The buyback follows a stretch of steady selling earlier in the week, when 18,204 shares were offloaded from ARKW.
The firm also deepened its stake in Bitcoin miner BitMine Immersion Technologies (BMNR), picking up 540,712 shares worth an estimated $17 million. BMNR shares fell 8.55% to $31.68 during the volatile session, extending recent weakness. This latest purchase adds to over $200 million in BitMine acquisitions in the past two weeks. The miner has recently shifted focus toward Ether, holding 625,000 ETH—making it the largest corporate Ethereum treasury, according to StrategicEtherReserves.
The buying spree unfolded against a backdrop of heavy market losses. The Dow dropped 542 points, while the S&P 500 and Nasdaq also posted their steepest declines in months. Investors reacted to weaker-than-expected jobs data showing just 73,000 positions added in July, coupled with downward revisions to May and June figures. Bank stocks and industrial heavyweights bore the brunt of the sell-off, reflecting growing concerns over a slowing economy.
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Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/as-wall-street-sinks-ark-invest-goes-shopping-for-crypto-stocks/