Ark has increased its Coinbase holdings by more than 353,000 shares across two funds, costing a little over $20 million.
Following Wednesday’s increases, Cathie Wood’s Ark Invest made another estimated $20.5 million worth of purchases of Coinbase shares yesterday.
According to its most recent trading filing, Ark Invest added 52,525 shares to Ark Next Generation Internet and 301,437 shares to its Ark Innovation ETF. On Thursday, the cryptocurrency exchange’s stock fell 7.8% to settle at $58.09. According to the closing price, Ark’s most recent acquisition cost about $20.5 million.
Despite the worsening crypto winter, Wood’s fund invested over $30 million in Coinbase shares in February and kept investing into March. Last week’s market sentiment has been negatively impacted by the failure of crypto-friendly bank Silvergate and the possibility of protracted interest rate increases in the United States to combat inflation.
Moreover, Ark Invest acquired more than 265,000 shares in Robinhood, a social trading platform. The shares cost roughly $2.5 million and were recently added to the Ark Next Generation Internet ETF.
Will more crypto firms follow this encouraging trend in the coming weeks? Let us know your thoughts in the comment section.
