Cathie Wood-led investment firm Ark Invest took advantage of the recent market downturn by purchasing 64,358 Coinbase (COIN) shares worth $11.5 million on Monday. Cathie Wood's Ark Invest Grabs $11.5 Million in Coinbase Stock Amid Market Drop The purchase comes as Coinbase shares plunged 17.6% in a brutal trading session that saw heavy losses across crypto-related stocks. Ark's latest purchases were split between the flagship Ark Innovation ETF (ARKK), which bought 52,753 shares ($9.4 million), and the Ark Fintech Innovation ETF (ARKF), which bought 11,605 shares ($2.1 million). This follows Ark’s recent aggressive buying, which raised $8 million for its Next Generation Internet ETF (ARKW) last week and $8.7 million worth of Coinbase stock the week before. Ark has invested a total of $28.2 million in Coinbase stock over the past three weeks. Coinbase Remains a Major Holding in Ark's Funds Despite the recent decline, Coinbase remains an important part of Ark’s portfolio: COIN is the third-largest holding in ARKK behind Tesla and Roku, with a 7.1% weighting worth approximately $375.1 million. COIN is the second largest holding in ARKF after Shopify, with a 7.7% weight worth $65.7 million. Ark’s investment strategy prevents any one stock from exceeding 10% of the fund’s portfolio, meaning further rebalancing is possible if Coinbase’s value fluctuates. Crypto Stocks Fall as Market Faces Turmoil Coinbase wasn’t the only crypto-related stock battered in Monday’s sell-off: Strategy (formerly MicroStrategy) fell 16.7%. Bitcoin mining giant MARA fell 16.3%. Bitcoin itself fell 7.6%, while the GMCI 30 index, which tracks the 30 largest cryptocurrencies, fell 8.4%. *This is not investment advice. Continue Reading: Cathie Wood-Led Investment Company Ark Invest Did What It Has Done Every Time It Was a Downturn! Here Are the Details