Ark Invest buys nearly $20 million of Coinbase shares, bullish on Bitcoin

02/13/2023 13:03 • AI & Tech Insights • 78 views

According to reports, transaction data shows that Ark Invest has purchased nearly US $20 million of Coinbase shares since January, which means that Cathie Wood, who has long been bullish on Bitcoin, will continue to increase his holdings of Coinbase shares in the six weeks in 2023. It is reported that the vast majority of Coinbase shares purchased by Ark Invest this year have entered the company’s flagship fund ARKK. Up to now, the weight of Coinbase shares in ARKK has reached 4.62%. Due to the strong performance of the encryption market in January, the share price of Coinbase reached an intra-year peak of US $81.6 in early February. However, at the close of last Friday, it fell by nearly 22% to US $57.09. （decrypt）

Ark Invest has invested nearly $20 million to buy Coinbase shares since January

Interpretation of the news:

The latest reports indicate that Ark Invest, led by the renowned investor Cathie Wood, has purchased almost $20 million worth of Coinbase shares since January. This news underscores Wood’s bullishness on Bitcoin and other cryptocurrencies, which has been evident in her investment strategies in the past. With Ark Invest’s continued interest in Coinbase, Wood’s holdings in the cryptocurrency exchange are likely to increase further in the coming weeks and months.

The vast majority of the Coinbase shares purchased by Ark Invest this year have been added to their flagship fund ARKK, which currently has a weight of 4.62% in Coinbase shares. This move appears to be a calculated bet on the future growth of the cryptocurrency market, as well as Coinbase’s position as a key player in the industry. However, the recent performance of Coinbase’s share price has been volatile, with a peak of $81.6 in early February followed by a nearly 22% drop to $57.09 by the close of last Friday.

Despite this turbulence, it is clear that Ark Invest and Cathie Wood remain confident in the long-term potential of cryptocurrency investments such as Coinbase. This is in line with her previous statements and actions, highlighting her belief that Bitcoin will become a mainstream asset class and potentially replace gold as a hedge against inflation.

The significance of this news extends beyond just the specific investment choices of Ark Invest and Cathie Wood. It signals a broader trend of institutional investors warming up to Bitcoin and other cryptocurrencies, which have historically been volatile and associated with speculative bubbles. As more traditional investment firms and funds take note of the potential returns and diversification benefits of cryptocurrency investments, the market is likely to become more mainstream and stable.

In summary, Ark Invest’s recent purchase of nearly $20 million of Coinbase shares underscores Cathie Wood’s bullishness on Bitcoin and other cryptocurrencies. Despite recent volatility in Coinbase’s share price, Wood and her team remain confident in the future growth potential of the cryptocurrency market. This trend towards institutional adoption of cryptocurrency investments is likely to have important implications for the market as a whole in the coming years.

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Ark Invest buys nearly $20 million of Coinbase shares, bullish on Bitcoin

Ark Invest has invested nearly $20 million to buy Coinbase shares since January

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