ARK Invest Shows Continued Support for Coinbase, Acquiring Largest Batch of COIN Shares in 2023

Updated: 10 March 2023

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What – Even as the crypto market experiences renewed panic, Cathie Wood’s ARKK has aggressively acquired unprecedented amounts of Coinbase stock this year.
Why – The firm believes the stock price will bounce back as the bear run ends.
What Next – Cathie Wood’s ARK Invest bought a significant amount of Coinbase stock, making it their largest purchase of the year amidst the current volatility in the crypto market.

According to an investor notification seen by Cointelegraph, ARK Invest purchased 301,437 shares ($17.5 million) of Coinbase for its ARK Innovation ETF (ARKK) on March 9. The company also acquired 52,525 shares ($3 million) of Coinbase for its ARK Next Generation Internet ETF (ARKW).

In 2023, ARK Invest’s latest investment in Coinbase represents the most significant single-stock acquisition, accounting for approximately 30% of all purchases made this year. This is a significant increase from the roughly $13 million Coinbase stock that ARK Invest acquired in January. Cathie Wood’s investment firm purchased $42 million worth of Coinbase stock in February.

Along with its acquisition of Coinbase stock, ARK Invest has also been actively purchasing Robinhood shares. On March 9, the firm bought 265,566 shares ($2.5 million) for its ARK Innovation ETF (ARKK), following similar purchases of 268,086 shares ($2.5 million) and 219,883 shares ($2.1 million) on March 8 and 6, respectively.

Despite ARKK’s 76% price drop from its all-time high in February 2021, ARK Invest has earned over 70% of its $310 million fees, according to reports. However, the fund’s value has been steadily recovering in 2023, with ARK earning an average of approximately $230,000 in fees per day as its value increased from around $30 in early January to $37.3 in mid-March.

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This latest acquisition of Coinbase stock by ARK Invest reinforces the firm’s bullish outlook on the cryptocurrency industry, particularly Bitcoin. As a pioneer in innovative technology investments, focusing on fields such as self-driving cars and genomics, ARK Invest’s founder, Cathie Wood, is widely regarded as one of the biggest proponents of Bitcoin in the world. She believes that the cryptocurrency will reach $1 million shortly due to its potential as a risk-on asset.

Despite the crypto market experiencing another panic caused by Silvergate crypto bank’s announcement of plans to wind down operations and liquidate the bank, ARK Invest made the latest bullish investments. However, on March 10, Bitcoin dipped below $20,000 for the first time since early January.

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