Coinbase Central, which trades as COIN, fell about 8% on Thursday, Cathy WoodThe investment manager at ARK Invest has bought the largest amount of shares since the beginning of 2023.
On March 9, ARK bought 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known as ARKK, according to an investor notice seen by Cointelegraph. The company also purchased 52,525 shares of Coinbase ($3 million) for the ARK Next Generation Internet ETF, referred to as ARKW.
ARK’s most recent investment includes the largest Coinbase stock acquisition of 2023, accounting for about 30% of all Coinbase purchases in 2023. The amount significantly exceeds ARK’s total Coinbase stock purchases of about $13 million in January. Investment firm Wood acquired $42 million worth of Coinbase shares in February.
In addition to Coinbase, ARK has been actively buying shares of Robinhood. On March 9, the company purchased another 265,566 shares of Robinhood ($2.5 million) for its ARKK fund. The purchase came shortly after ARK populated similar amounts of Robinhood stock, buying 268,086 ($2.5 million) and 219,883 ($2.1 million) on March 8 and March 6, respectively.
Related: Silvergate is reportedly talking with the FDIC about ways to avoid the shutdown
This news comes amid reports that ARK has happened Over 70% of its $310 million in fees since ARKK’s price is down 76% since its all-time high in February 2021. In 2023, ARK earned nearly $230,000 in daily fees with fund value recovering slightly – It jumped from around $30 in early January to $37.3 in mid-March.
Buy new Coinbase stock It further confirms the company’s bullish sentiment Towards the Cryptocurrency Industry and Bitcoin (BTC). With a focus on technological innovations such as self-driving cars and genomics, ARK Invest founder Wood is one of the world’s largest cryptocurrency bulls, believing that bitcoin will reach $1 million in the not too distant future due to its existence. Promising potential as a risky asset.
The latest bullish investment has come despite the face of the cryptocurrency market Another wave of panic because of Silvergate The crypto bank announces plans to wind down operations and liquidate the bank. on March 10th Bitcoin fell below $20,000 For the first time since early January.
