- Cathie Wood’s Ark Invest has bought millions worth of Coinbase shares.
- The COIN was dumped the next day after Wood’s purchase.
- Ark Invest has been buying with COIN strength since the beginning of the year.
The cryptocurrency market has suffered over the past few weeks. the Silvergate failsThe lawsuits against KuCoinAnd A legendary sea monsterAnd PaxosOther actions from US regulators have capped the total cryptocurrency Market value Again less than $1 trillion.
However, despite one of the harshest crypto winters in history, Cathie Wood’s Ark Invest has continued to buy Coinbase shares.
Cathy Wood buys Coinbase shares for $20 million
Cathie Wood’s Ark Invest, one of the most popular technology-focused asset managers, has remained bullish on cryptocurrency exchange Coinbase throughout the crypto bear market.
On Thursday, the ship added 301,437 COIN shares in Ark Innovation and 52,252 shares in Ark Next Generation Internet. Based on the coin’s price ($58.08) at market close Thursday, Ark paid about $20.5 million for its purchase.
Cathy Wood.
However, COIN fell more than 7% on Friday after news that a cryptocurrency-friendly Silicon Valley bank was eyeing it. It sells itself amid liquidity problems. COIN is currently trading at $54.37, according to data from Yahoo! finance.
However, Ark has been aggressively buying COIN since the beginning of the year. In January, Wood’s Ark bought $10.47 million worth of COIN, and in February, the fund added another $16 million worth of Coinbase shares.
Ark holds about 9.9 million coins worth $575 million across three of its funds, including Ark Innovation, Ark Next Generation Internet, and Ark Fintech Innovation.
on the flip side
- COIN has been one of the hardest hit stocks in this bear market. It is down about 84% from its all-time high of $357.59.
Why should you bother
Coinbase is one of the most legitimate and trustworthy centralized cryptocurrency exchanges. It’s a welcome sign to see a bullish professional fund on the cryptocurrency exchange during challenging times for cryptocurrency.
Read more about The latest Coinbase controversy:
Coinbase refuses to refund $96,000 in lost funds, blaming the user
Read more about Silicon Valley’s bank woes:
Silicon Valley Bank Troubles: What Does It Mean for Cryptocurrency?
