- Ark Invest purchased 301 347 Coinbase shares last Thursday.
- Ark bought more Coinbase shares on Wednesday.
- Ark bought Coinbase shares worth $30 million in February.
Cathie Wood’s Ark Invest has remained bullish on Coinbase Global Inc (NASDAQ:COIN) stock despite the stock dropping by more than 10% since the beginning of March. On March 10, 2023, Coinbase shares were going for $64.67 compared to today’s price of $58.09.
According to the company’s most recent trade filingArk Invest added 301,437 Coinbase Shares to its Ark Innovation ETF, and 52,525 Coinbase Shares to Ark Next Generation Internet. Ark bought shares worth $20.5 million on Thursday.
Ark Invest also purchased 265,000 Robinhood shares, which are worth approximately $2.5 million. These were added to the Ark Next Generation Internet Exchange Trust.
Ark invests in Coinbase during the crypto meltdown
Many are skeptical about crypto-related companies in the current market meltdown. However, Cathie Wood is quite positive about Coinbase. This could be seen as a vote for confidence in the crypto exchange.
Coinbase is still enjoying a substantial advantage, despite several cryptocurrency exchanges being accused by the US government. According to reports, the US government has recently moved BTC worth $217 million to Coinbase. Market sentiment has been impacted by the collapse of crypto-friendly Silvergate Bank, the shockwaves created by Silicon Valley Bank, a crypto VCs-friendly, selling assets and stock in order to raise funds, as well as the risk of continued interest rate increases in America.
Ark purchased Coinbase shares for $30 million in February, which was an addition to $3.2 million worth of Coinbase share purchased in December.