Ark Invest adds Coinbase and Robinhood shares as crypto equities slide

Ark Invest has added more shares of Coinbase and Robinhood across its exchange-traded funds on Tuesday as crypto equities dipped in response to geopolitical concerns.

The Cathie Wood-led firm has acquired a total of 22,452 shares in Coinbase through its ARKK, ARKW, and ARKF exchange-traded funds. The total investment amounted to a little over $4 million.

On top of this, the company picked up 158,587 shares of Robinhood, with the investment valued at $12.06 million based on the stock’s March 2 closing price of $76.07.

Coinbase shares were down 1.55%, while Robinhood stock had also dipped by over 3.4%. Crypto-linked equities have been pressured over the past few sessions as shareholders reacted to growing concerns surrounding the U.S.-Iran war.

Major cryptos like Bitcoin and Ethereum have also felt the pressure of the recent selloff and remain suppressed below key resistance levels. Recent breakout attempts for both assets have failed as capital remains sidelined.

Ark Invest, however, has capitalized on these recent dips by continually rebalancing its portfolio and, on many occasions, increasing its exposure to several crypto-facing companies.

As previously reported by crypto.news, the company added over $32 million worth of Robinhood shares across two of its exchange-traded funds earlier this month. Around the same time, the company also acquired positions in Coinbase, alongside crypto exchange Bullish and stablecoin issuer Circle.

After the latest purchase, Coinbase and Robinhood are the company’s sixth and seventh-largest holdings within its ARKK fund as of March 4. Meanwhile Robhinhood stands as the fifth-largest holding within the ARKW fund, and Coinbase stands at the eighth position. 

Ark’s investment strategy limits any individual holding to about 10% of a fund’s portfolio. Coinbase and Robinhood stocks currently account for between 3% and 6% across its ETFs.