Ark Invest Bolsters Positions in Coinbase and BitMine Despite Market Volatility
Ark Invest, led by Cathie Wood, has demonstrated strong confidence in cryptocurrency-linked equities by acquiring $47 million worth of shares in Coinbase and BitMine Immersion Technologies during a recent stock market dip. The firm purchased 94,678 Coinbase shares (COIN) valued at approximately $30 million across three of its ETFs—ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF). This strategic move highlights Ark Invest's bullish outlook on the crypto sector, even amid ongoing market volatility. The investment underscores the firm's belief in the long-term potential of crypto-related assets, particularly Coinbase, as a cornerstone of the digital asset ecosystem. This acquisition follows a broader trend of institutional investors doubling down on crypto infrastructure plays during market downturns, positioning for the next growth cycle in the blockchain industry.
Ark Invest Doubles Down on Coinbase and BitMine Amid Market Dip
Ark Invest, the Cathie Wood-led asset management firm, capitalized on last week's stock market downturn by acquiring $47 million worth of shares in Coinbase and BitMine Immersion Technologies. The MOVE signals renewed confidence in crypto-linked equities despite recent volatility.
The firm purchased 94,678 Coinbase shares (COIN) worth approximately $30 million across three ETFs—ARK Innovation (ARKK), ARK Next Generation Internet (ARKW), and ARK Fintech Innovation (ARKF). This follows a 16% single-day plunge in COIN's price to $314.69 on August 1, triggered by weak economic indicators and tariff policy adjustments.
Notably, the buying spree reverses Ark's recent trend of divesting Coinbase stock. Just days prior on July 28, ARKW had offloaded 18,204 COIN shares valued at $7 million when the price stood at $379.49.
Ark simultaneously expanded its position in BitMine (BMNR), snapping up 540,712 shares worth $17 million. The acquisitions demonstrate institutional investors' continued appetite for crypto infrastructure plays during market dislocations.
UK Losing Crypto Ground to Rivals, British Ex-Finance Minister Osborne Warns
Former UK Chancellor George Osborne has issued a stark warning: Britain risks irrelevance in the global cryptocurrency race without urgent regulatory reforms. In a Financial Times op-ed, the ex-finance minister criticized the Labour government and Bank of England for sluggish progress while competitors like the US, EU, and Singapore advance clear crypto frameworks.
Osborne, now advising Coinbase, drew parallels to the 1980s Big Bang reforms that transformed London into a financial hub. "The crypto revolution demands similar boldness," he wrote, accusing Chancellor Rachel Reeves and BoE Governor Andrew Bailey of leaving Britain "completely left behind" despite rhetoric about fostering innovation.
The critique highlights growing pressure on traditional financial centers to adapt as digital asset markets mature. With no specific cryptocurrencies mentioned, the warning serves as a macro-level call to action for UK policymakers facing an accelerating global landscape.
