ARK Invest scoops up Coinbase, BitMine shares amid stock dips
The Cathie Wood-led firm added a total of 94,678 shares of Coinbase (COIN) across three of its funds, including the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), according to trade notifications seen by Cointelegraph.
The purchase, worth around $30 million, came as Coinbase stock plunged 16.7% on Friday, closing at $314.69, its worst single-day performance in recent months. COIN hit an intraday low of $310.55, significantly below its 52-week high of $444.64, according to data from Google Finance.
ARK Invest's renewed buying of Coinbase shares comes after a period of steady selling. On Monday, ARKW sold 18,204 shares of Coinbase, worth nearly $7 million based on Monday's closing price of $379.49.
ARK Invest acquires more BitMine shares
ARK Invest also ramped up its position in BitMine Immersion Technologies (BMNR), purchasing 540,712 shares across ARKK, ARKW, and ARKF, an estimated $17 million buy.
The buying came as BMNR stock tumbled 8.55% to close at $31.68, hitting an intraday low of $30.30 during a choppy trading session, according to data from Google Finance.
Notably, ARK Invest has been consistently adding BitMine. The firm purchased over $20 million worth of BMNR shares across three of its actively managed ETFs on Monday, which followed a $182 million BitMine buy last week.
The buying spree comes on the heels of BitMine's aggressive pivot into Ether. StrategicEtherReserves shows BitMine as the largest Ether treasury firm with 625,000 Ether, followed by SharpLink Gaming with 438,200 ETH.
Wall Street sinks amid weak jobs data
US stocks fell sharply on Friday, marking a rough start to August as investors reacted to disappointing economic data and newly adjusted tariff policies under President Trump, according to CNBC. The Dow slid 542 points, its steepest drop since mid-June, while the S&P 500 and Nasdaq posted their worst days in months.
The latest jobs report revealed a sharp slowdown in hiring, with just 73,000 jobs added in July, well below expectations. Revisions to May and June data showed even weaker growth than previously reported, pointing to a labor market that has been quietly deteriorating.
Bank stocks led the decline as concerns mounted over a cooling economy and reduced loan demand. JPMorgan lost over 2%, while Bank of America and Wells Fargo each dropped more than 3%. Industrial giants like GE Aerospace and Caterpillar also closed lower.
Source: https://cointelegraph.com/news/ark-invest-buys-coinbase-bitmine-stock-dips
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
41 minutes ago
- Zawya
South Africa: Joint Media Statement by the Ministers of International Relations and Cooperation and Trade, Industry and Competition, 4 August 2025
South Africa's Response Measures to the US tariffs Since the beginning of the 7th Administration, South Africa embarked on a process to stabilise and enhance mutually beneficial trade and investment relations with the US. The aim has been to address long-standing bilateral issues of concern for both sides in ways that move the trade relations forward. South Africa has been engaging the US at various levels with a view to ensure predictability in trade. However, even with these efforts, the US decided to impose a 30% unilateral tariff on South Africa. It is unfortunate that this government's efforts in resetting the relationship with the US has been undermined by some actors within South African society. The unilateral tariffs have been implemented notwithstanding, South Africa's submission of a comprehensive and ambitious Framework Deal in May 2025 aimed at addressing the US trade deficit, address tariffs, promote digital trade, enhance commercial relations, promote investment and eliminate non-tariff barriers to enhance mutually beneficial trade relations with the United States. The 30% unilateral tariffs on foreign imports apply to various US trading partners which will be implemented from 12:01 am on 8 August 2025. The Executive order published by the United States clarifies that goods loaded onto a vessel at the port of loading and in transit on the final mode of transit before 12:01 a.m. eastern daylight time 8 August 2025, and entered for consumption, or withdrawn from warehouse for consumption, before 12:01 a.m. eastern daylight time on October 5, 2025, shall not be subject to such additional duty and shall instead remain subject to the 10% tariff. The US is South Africa's third biggest trading partner, with the European Union and China being the first and second largest trading partners. The US accounts for 7.5% of our global exports. Thus, we will continue to engage the US with a view to conclude a deal that advances the interests of both countries. South Africa seeks to conclude deals that promote value addition and industrialisation, rather than extractive relations that deprive the country of the ability to beneficiate our mineral wealth by mimicking extractive colonial era trade relations. South Africa's minimal 0.25% share of total US imports makes the 30% tariff on our country are inscrutable, especially when these same tariffs have been applied indiscriminately to all US trading partners globally. Moreover, South Africa poses no trade threat to the US economy nor its national security. The calculation of US-SA 'trade deficit' ignores the substantial US trade surplus in services, as well as the complementary nature of the bilateral trade and investment relations between the two countries. South African exports do not compete with US producers and do not pose a threat to US industry. On the contrary, our exports are crucial inputs that support America's own industrial base. Our agriculture exports are even counter-seasonal, meaning they fill gaps in the US market, not replace domestic products. South Africa isn't just a trading partner—we're a major investor in the US, with our companies sustaining American jobs. Similarly, over 600 US companies in South Africa contribute to our industrial growth and create employment. Our goal is to preserve and grow these mutually beneficial relationships. Impact of the tariffs The uncertainty of the new tariff line is already incorporated into economic projections. For example, various economists estimated that it may shave off 0,2% of South Africa's economic growth. The reduction in growth from the 30% tariff depends on a number of factors, including our ability to find alternative markets. It should be noted, however, that 35% of SA exports remain exempted from the tariffs. All applicable exceptions covered in the previous US Executive Order are set to remain in force and these exceptions covers products such as copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, stainless steel scrap and energy and energy products. Importantly, due to South Africa not enjoying a country exemption for Section 232 duties on steel and aluminium, South African companies have already adjusted to the Section 232 duties since 2018. However, the heightened policy uncertainty creates instability in trade and may have an impact on exports. The new tariff regime implemented by the United States is a significant departure from a low-tariff environment. This policy shift, which affects not only South Africa but the entire world, has already led to higher tariffs than before, changing the landscape of global trade as we know it. Response measures Continuation of negotiations with the US South Africa is committed to a principled approach, and we will continue to use all available diplomatic channels to negotiate a mutually beneficial trade deal with the United States one that respects our national interests while advancing our long-standing partnership. Such a deal will be pursued in a pragmatic manner that preserves regional integration and the SACU common external tariff, noting that SACU accounts for 9% of our global exports and must be preserved. The South African Government is working with industry to consider aspects of the Framework Deal that can be modified, in a manner that promotes predictability in trade. Implement an Economic Response Package which includes: a.) The establishment of an Export Support Desk, which will serve as a direct point of contact for companies affected by the US tariff hike. The aim of this support measure is to support the diversification of export markets for increased resilience and facilitate the entry into alternative markets for affected exporters. The Desk will provide updates on developments and tailored advisory services to exporters on alternative destinations, guidance on market entry processes, insights into compliance requirements and linkages to South African Embassies and High Commissions abroad. The contact details of the Export Support Desk have been published on the dtic website. b.) Measures to assist companies to absorb the tariff and facilitate long-term resilience and growth strategies to protect jobs and productive capacity in South Africa. The details of these are being finalised and will be communicated shortly. c.) Localisation Fund Support (LSF) stands ready to contribute to the national effort to support South African companies impacted by the imposition of 30% import tariffs by the United States. In collaboration with the dtic, IDC and other agencies – LSF will issue an open call from firms operating in affected value chains, with the aim of providing targeted competitiveness and efficiency support. d.) To build resilience, we are working on an Export and Competitiveness Support Programme (ECSP), which will include a working capital facility and plant and equipment facility to address short to medium term needs across all industries. e.) We are also working with the Department of Labour on measures to mitigate potential job losses, using existing instruments such as the UIF that can be adjusted to respond to the current challenges. Block exemption for exporters The diversification of markets that will be required following the introduction of additional tariffs on South African goods may require exporters to coordinate their activities in relation to developing joint infrastructure for exports, sharing of market information and coordination of activities to achieve economies of scale and efficiencies that enable them to be competitive. These activities may contravene the provision of the Competition Act. The Minister has following consultations with the Competition Commission, introduced a Block Exemption for Exporters to enable collaboration and coordination by competitors. The Block Exemption details the scope of application. A draft Block Exemption will be published by the end of the week so that the process can be concluded expeditiously. Diversification of markets We have been strengthening trade and investment partnerships with various trade partners. These efforts are bearing fruits, targeting markets across Africa, as well as in Asia, Europe, Middle East, and Americas. Our announcement on the Clean Trade and Investment Partnership with the European Union in March has unlocked a R90 Billion Investment Package that has been initially committed. This Clean Trade and Investment Partnership also aims to unlock new market access opportunities for South Africa, including the export of Sustainable Aviation Fuel (SAF) by Sasol and the exports of hybrids and Electric Vehicles. While facing global trade challenges, South Africa is proactively building a more resilient agricultural sector. We've made significant progress in opening up vast new markets like China and Thailand, securing vital protocols for products like citrus and others. With China alone being a $200 billion market, we are confidently expanding our reach and creating new opportunities for our agricultural producers. Our government has not been idle; we are proactively and collaboratively diversifying our trade portfolio. Under the coordinated leadership of the Presidency, DIRCO, and the dtic, we're making significant inroads into new, high-growth markets across Asia and the Middle East, including the UAE, Qatar, and Saudi Arabia. These efforts are not only opening doors to new opportunities but also reinforcing our commitment to retaining the vital markets we already have. South Africa's economic future is resilient, and we are working tirelessly to secure it. We have also developed a number of Trade and Investment Packages with a number of countries, including Japan that aim to unlock new market access opportunities. While the current measures present challenges, it also presents opportunities to build and accelerate the implementation of the AfCFTA and to develop new partnerships in markets that have remained untapped, including ASEAN and Türkiye. Distributed by APO Group on behalf of Republic of South Africa: Department of International Relations and Cooperation.
Broadcast Pro
an hour ago
- Broadcast Pro
EchoStar taps MDA Space for first Open RAN NTN LEO constellation
Estimated total cost of EchoStar's LEO constellation is $5bn, increasing the company's total investment in NTN satellite connectivity to over $18bn since 2012. EchoStar Corporation has appointed MDA Space as the prime contractor for its ambitious new low Earth orbit (LEO) satellite constellation aimed at delivering direct-to-device (D2D) connectivity. Valued at approximately $1.3bn, the initial contract covers the design, manufacturing and testing of more than 100 software-defined satellites under MDAs AURORA platform. This marks the first phase of EchoStars planned non-terrestrial network (NTN), which will eventually consist of 200 satellites and is expected to scale to thousands depending on demand. The LEO constellation is being developed to offer global talk, text and broadband data services directly to standard 5G NTN handheld devices without requiring special hardware modifications. The project builds on EchoStars satellite and terrestrial expertise, particularly through its Hughes division, which brings over six decades of experience in satellite communications. Coupled with its US-based 5G Open RAN infrastructure, EchoStar aims to deliver seamless integration of terrestrial and non-terrestrial connectivity across multiple sectors, including consumer, enterprise, public safety and government services in the US, Europe and beyond. Hamid Akhavan, president & CEO of EchoStar, said: 'EchoStar's Hughes communications division has over 60 years of leadership in the satellite and space technology business. Our satellite expertise combined with our U.S.-based terrestrial 5G Open RAN network uniquely positions EchoStar to execute on this new large-scale wideband LEO constellation. The market-leading technical innovation provided by MDA Space along with our global S-band/2GHz spectrum rights with the highest ITU priority, and our strong service delivery capabilities will enable us to serve the consumer, enterprise, public safety and government sectors in the US, Europe and beyond. Critically, this will foster US leadership in the growing space economy.' Mike Greenley, CEO of MDA Space, added: 'EchoStar's selection of our new MDA AURORA D2D software-defined satellites to meet its demanding technical and business requirements is a testament to the confidence satellite operators have in our deep expertise and products, our differentiated MDA AURORA product, and our expanding production capacity. This contract also demonstrates our continued market momentum as we strategically position MDA Space to be the prime contractor of choice for satellite operators in the direct-to-device and broadband connectivity.' EchoStars investment in the 2GHz band dates back to 2012, with the acquisition of DBSD and TerreStar, and now exceeds $13bn. This includes purchasing spectrum rights, retrofitting satellites, developing ground infrastructure and working to standardise the 2GHz band within the 3GPP framework for 5G NTN applications. EchoStar has integrated these efforts into its US-based virtualised 5G Open RAN network and launched three next-generation satellites (Lyra) to support its goals. Currently, EchoStar holds exclusive 2GHz licenses in the US (AWS-4) and is authorised to provide mobile satellite services over this spectrum. Additional 2GHz holdings include 30 MHz in Europe, 40 MHz in Canada (via a long-term partnership), 20 MHz in Mexico and 30 MHz in Brazil. The company has already begun offering texting services in Europe and is preparing to launch similar services in North America in early 2026. The MDA-built satellites will operate on up to 25×20 MHz of AWS-4/S-band 2GHz spectrum and will fully comply with the latest 3GPP NTN standards. Once operational, the system will support a wide range of services, including messaging, voice, broadband data and video, to all standard-compliant devices. It will also have the capacity to interface with sensors and mobile platforms. Satellite deliveries are scheduled to begin in 2028, with commercial service set to launch in 2029. The total estimated cost of the LEO constellation project is $5bn.
Zawya
2 hours ago
- Zawya
Jordan: US tariff adjustments enhance Jordan's export competitiveness — minister
AMMAN — The US' recent decision to impose additional customs duties had given Jordan a competitive edge in the American market, according to Minister of Industry, Trade and Supply Yarub Qudah. Qudah said that while Jordanian exports were subject to a 15 per cent tariff, it remains significantly lower than the tariffs imposed on other competing countries, boosting the relative competitiveness of Jordanian products, according to Al Mamlaka TV. Over the past few months, Jordan had engaged in negotiations with Washington, ultimately securing the lowest tariff increase among countries with free trade agreements or trade surpluses with the US, Qudah said. The minister also emphasised that Jordan's Free Trade Agreement (FTA) with the US was crucial in securing this preferential treatment, with Jordan's tariff rate capped at the lowest level, while other countries face tariffs ranging from 15 to 40 per cent. Qudah also said "The new 15 per cent tariff would be applied on top of existing duties. However, because Jordan previously enjoyed zero tariffs under the FTA, the full 15 per cent now applies, still more favourable than the compounded tariffs faced by other countries." He added that this tariff difference provides Jordanian exporters with a clear competitive advantage across multiple sectors in the US market. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
