•Ark Invest purchased $20.5 million worth of Coinbase shares on Thursday, adding to their previous purchase of $30 million worth of Coinbase shares in February.
•The total value of shares purchased by Ark on Thursday amounted to $20.5 million, including 52,525 Coinbase shares added to the Ark Next Generation Internet ETF and 265,000 Robinhood shares (worth about $2.5 million).
•Despite the stock dropping by more than 10% since the beginning of March, Cathie Wood’s Ark Invest remains bullish on Coinbase Global Inc (NASDAQ:COIN) stock.
Ark Invest Purchases Coinbase Shares
Ark Invest purchased 301,347 Coinbase shares on Thursday, amounting to a total value of $20.5 million. Of this purchase, 52,525 Coinbase shares were added to the Ark Next Generation Internet ETF and 265,000 Robinhood shares (worth about $2.5 million) were solely added to the same ETF. This purchase is in addition to their previous purchase in February 2021 when they acquired Coinbase stocks worth more than $30 million as well as an additional purchase in December 2020 for which they paid over $3.2 million for Coinbase stocks.
Coinbase Share Price Down 7%
Coinbase Global Inc (NASDAQ:COIN) share prices have dropped by more than 10% since the beginning of March 2023 and are currently priced at $58.09 compared with its price in March 10th at 64.67$. Despite this decrease in market price Cathie Wood’s Ark Invest has remained bullish on this stock and continues to add it into its portfolio through multiple purchases throughout the year 2021-2022 and now continuing into 2023 as well.
Crypto Market Meltdown
The current crypto market meltdown has caused several cryptocurrency exchanges such as Silvergate bank and Silicon Valley Bank face accusations from various regulatory authorities in the US while other crypto VCs friendly banks are selling assets and stocks attempting to raise funds during these tough times . Despite this ,Coinbase continues to receive some considerable edge as it was recently reported that US government moved BTC worth 217$million into its wallet .
Vote Of Confidence On The Crypto Exchange
Cathie Wood’s optimism towards coin base despite bearish market sentiment can be seen as a vote of confidence on this crypto exchange .This support from one oneof world’s leading investors may hint towards a possible reversal soon for coin base stock prices or any other crypto related firms that she might consider investing in further down the road .