Cathy Wood’s investment management company Ark Invest continues to hoard Coinbase (COIN) shares amid the recent downturn in the cryptocurrency market.
On February 10 and 13, Ark made its first COIN purchases since mid-January, significantly increasing access to the largest US crypto exchange.
Last Friday, Ark bought 139,105 COIN shares for the ARK Innovation (ARKK) exchange-traded fund, according to an investor notice seen by Cryptooshala. On the same day, the asset manager also purchased 23,220 COIN shares to be floated by another fund, the ARK Next Generation Internet ETF (ARKW). The asset manager spent a total of $9.2 million on this investment in Coinbase stock.
On February 13, Ark funds ARKK and ARKW continued to accumulate Coinbase shares, adding 102,281 COIN shares and 16,414 COIN shares, respectively. With COIN closing at $56.4 on Monday, the purchases cost Ark approximately $6.7 million.
In just two days, Ark spent almost $16 million on Coinbase stock, up $3.5 million more than was invested in COIN stock in January. As of February 14, Ark COIN’s monthly purchases are 280,000 shares, and in January, Ark bought more than 330,000 COIN shares.
All Ark COIN purchases so far in 2023 are 614,657 shares purchased for $28.8 million.
Cathy Wood: Ark dumps 500K GBTC shares, adds Coinbase shares as Bitcoin recovers 40%
The latest purchases come as Ark Invest CEO and Chief Investment Officer Wood continues to express an optimistic view of the cryptocurrency market.
February 3 Wood again repeated her bullish stance on bitcoin (BTC), predicting that bitcoin will reach $1 million by 2030. An investment expert believes that bitcoin should be adopted by countries suffering from inflation as an insurance policy due to its resilient network.
The Ark CEO also believes that crypto assets will experience a huge reversal in 2023 due to inflation and a potential Fed reversal.
Credit : cointelegraph.com
