Ark Invest, led by fund manager Cathie Wood, bought additional Coinbase (COIN) shares worth $13.4 million for three of its exchange-traded funds on Friday as the stock dipped around 5%, reacting to broader turmoil in the market. 

The ARK Innovation ETF (ARKK) bought 54,988 COIN shares on Friday, according to its latest disclosures. The shares, worth $8.8 million at current prices, add to ARKK’s existing stash, which now sums to $342 million in value, comprising about 7.5% of the fund. 

In addition, the ARK Next Generation Internet ETF (ARKW) purchased 15,982 shares, worth about $2.5 million, while the Ark Fintech Innovation ETF (ARKF) bought 12,187 shares, worth about $2 million. Each fund, including ARKK, also bought shares in Amazon, worth a total of $7.8 million, and sold shares in automation platform UiPath. 

According to the firm’s disclosures, COIN is now the second-largest holding within the ARKF fund, comprising 9.4% of the fund, while Shopify, the top holding, comprises 13% of the fund. ARK’s funds generally aim to avoid having a single company take up more than 10% of a single fund’s portfolio. 

Earlier in March, Ark Invest bought over $16 million worth of Coinbase shares, also after significant drops in the stock’s price. Though COIN got to be as high as $343 in December, its current price is only slightly below its value in Oct. 2024, down 5% over the past six months. 

The COIN purchases come amid a slide in the stock’s price precipitated by the broader market turmoil; the stock is down around 5% over the past 5 days, according to The Block’s Coinbase page, with a significant price drop on Friday. Coinbase’s valuation has dipped below $30 billion for the first time since Sept. 2024, according to The Block’s data. 

Other crypto stocks, including Galaxy Digital and Block Inc., have faced similar price declines, though Strategy (formerly MicroStrategy) has remained steady as it adds billions worth of Bitcoin to its holdings.

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