Ark Invest continues to buy Coinbase shares
Rebeca Moen Feb 16, 2023 09:26
Ark Invest has invested roughly $30 million on Coinbase stock in 2023 while selling Grayscale Bitcoin Trust.
Despite the most recent decrease in the price of cryptocurrencies, the investment management business owned and operated by Cathie Wood, Ark Invest, continues to accumulate Coinbase (COIN) shares.
Ark made its first COIN acquisitions since the middle of January on February 10 and February 13, gaining substantial exposure to the most prominent cryptocurrency exchange in the United States.
The ARKK and ARKW funds of Ark resumed their accumulation of Coinbase stock on February 13, adding 102,281 and 16,414 COIN shares, respectively, to their holdings of the company's equity. Given that COIN finished trading at $56.4 on Monday, the total cost of Ark's acquisitions was around $6.7 million.
Ark invested approximately $16 million in Coinbase stock during the course of only two days, which is $3.5 million more than the entire amount it had held in COIN shares for the month of January. As of the 14th of February, Ark has purchased a total of 280,000 COIN shares on a monthly basis; however, during the month of January, Ark purchased more than 330,000 COIN shares.
The total number of COIN shares that Ark has acquired so far in 2023 is 614,657, and they were purchased for a total of $28.8 million.
The most recent acquisitions came as CEO and chief investment officer of Ark Invest, Wood, continues to have a strong stance on the cryptocurrency industry.
On February 3, 2019, Wood reaffirmed her positive position on Bitcoin (BTC), stating that she believes the cryptocurrency would reach $1 million by the year 2030. Due to the robust nature of its network, the investing expert is of the opinion that Bitcoin should be used as an insurance policy for nations that are struggling with inflation.
Inflation and the possibility of a Fed policy shift are two factors that the chief executive officer of The Ark thinks will lead to a significant market shift in 2023.
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