Ark Invest Continues to Increase Holdings of Coinbase Shares Despite Recent Market Volatility
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…
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 recent market volatility in the cryptocurrency market has not stopped Cathie Wood, the CEO of Ark Invest, from increasing their holdings of Coinbase shares. As per transaction data, Ark Invest has purchased nearly US $20 million of Coinbase shares since January. Wood has been a known supporter of Bitcoin and this move shows that she is optimistic about the future of Coinbase as well.
Most of the Coinbase shares bought by Ark Invest this year have been added to the company’s flagship fund, ARKK. As of now, Coinbase shares amount to 4.62% of the total weight of ARKK. This indicates that Ark Invest’s bullish outlook on Coinbase is quite strong.
The rising trend of Bitcoin and other cryptocurrencies in January has led to a significant increase in the share price of Coinbase, with the shares peaking at US $81.6 in early February. However, the market has been volatile and the price has fallen by nearly 22% to US $57.09 at the time of closing last Friday.
Despite this decline, Ark Invest is still confident in their investment in Coinbase. By increasing their holdings of the company’s shares, they are showing a long-term commitment to the cryptocurrency market as a whole. The recent market turbulence is just a temporary setback in the eyes of Wood and Ark Invest.
This move by Ark Invest is significant because Cathie Wood has been a known leader in the tech investment sphere for a while now. Previously, she has been bullish on leading tech companies like Tesla, Amazon, and Netflix, to name a few. However, her recent interest in cryptocurrency and Coinbase shares shows that she is looking to diversify her portfolio and explore other avenues for growth.
In conclusion, despite recent market volatility, Ark Invest’s significant investment in Coinbase shares shows their confidence in the company and the cryptocurrency market as a whole. The move is indicative of Cathie Wood’s commitment to diversification and seeking out new opportunities.
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