March 21, 2023

Ark Invest Continues to Show Confidence in Coinbase with Latest Share Purchases

Cathie Wood’s Ark Invest has once again shown its confidence in Coinbase Global Inc (NASDAQ:COIN) by purchasing over 300,000 shares on Thursday. This comes after the investment firm had already purchased more shares on Wednesday, and in February had invested $30 million in Coinbase.

Despite the stock dropping by over 10% since the beginning of March, Ark Invest has remained bullish on Coinbase. On March 10, 2023, Coinbase shares were trading at $64.67, compared to today’s price of $58.09.

According to the latest trade filing, Ark Invest added 301,437 Coinbase shares to its Ark Innovation ETF and 52,525 Coinbase shares to Ark Next Generation Internet on Thursday. The total value of shares purchased by Ark on Thursday amounted to $20.5 million.

In addition to its Coinbase purchases, Ark Invest also added 265,000 Robinhood shares (worth about $2.5 million), which were solely added to the Ark Next Generation Internet ETF.

Ark Invest’s continued investment in Coinbase shows its confidence in the cryptocurrency exchange, despite recent market fluctuations. As the cryptocurrency market continues to evolve, it will be interesting to see how Ark Invest’s investments in Coinbase and other related companies will perform in the long run.

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