A major investment move has been made in the cryptocurrency world! ARK Invest took advantage of the recent stock dips to boost its positions in both Coinbase and BitMine. The firm led by Cathie Wood purchased $30 million in Coinbase shares and $17 million in BitMine shares on Friday, sparking attention across markets.

Increased Investment in Coinbase Shares

ARK Invest has renewed its position in Coinbase after a period of steady selling. The firm acquired 94,678 shares of Coinbase through three of its funds: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The purchase came as Coinbase stock plummeted 16.7% on Friday, closing at $314.69, marking its worst single-day performance in recent months. Coinbase hit an intraday low of $310.55, significantly lower than its 52-week high of $444.64.

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BitMine Shares Added to ARK’s Portfolio

ARK Invest also ramped up its holdings in BitMine Immersion Technologies (BMNR), purchasing 540,712 shares across its ETFs. This investment, worth an estimated $17 million, comes after BitMine’s stock fell 8.55% to close at $31.68. The increased stake in BitMine aligns with the firm’s strategy, as BitMine has aggressively pivoted into Ether, now holding the largest Ether treasury with 625,000 ETH.

Wall Street Falls Amid Weak Economic Data

U.S. stocks took a sharp downturn on Friday, marking a rough start to August as investors reacted to disappointing economic data and newly adjusted tariff policies under President Trump. The Dow dropped 542 points, its steepest decline since mid-June, while the S&P 500 and Nasdaq posted their worst days in months. The latest jobs report showed only 73,000 jobs were added in July, well below expectations. Revisions to previous months’ data revealed even weaker growth, signaling a deteriorating labor market.

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