• Ark Invest purchased 301,347 Coinbase shares on Thursday for a total value of $20.5 million.
• Ark remains bullish on Coinbase Global Inc (NASDAQ:COIN) despite the stock dropping by more than 10% since early March.
• In February Ark purchased $30 million worth of Coinbase shares and added 265,000 Robinhood shares to its portfolio.
Ark Invest Remains Bullish on Coinbase
Ark Invest purchased 301,347 Coinbase shares on Thursday for a total value of $20.5 million. This adds to the $30 million worth of Coinbase shares that they purchased in February as well as 265,000 Robinhood shares which were solely added to the Ark Next Generation Internet ETF. Despite the stock dropping by more than 10% since early March, Cathie Wood’s Ark Invest has remained bullish on Coinbase Global Inc (NASDAQ:COIN).
Background
Coinbase is one of the most popular cryptocurrency exchanges in the world and has been receiving some considerable edge from regulatory authorities in the United States. According to reports, The US government recently reportedly moved BTC worth $217 million to Coinbase which further strengthens their position in this market space.
Crypto Market Meltdown
However, several cryptocurrency exchanges are currently facing accusations by various regulatory authorities and this coupled with the collapse of crypto-friendly bank Silvergate and Silicon Valley Bank selling assets and stock to raise funds has driven down market sentiment this week. These events have caused an overall crypto market meltdown with many investors becoming wary about investing in any crypto-related firms or products.
Conclusion
Despite these events, Cathie Wood seems quite optimistic about Coinbase which could be seen as a vote of confidence on the crypto exchange going forward despite current market conditions being less than ideal right now. It will be interesting to see how things develop in the coming weeks as investors keep an eye out for any changes in sentiment regarding cryptocurrencies and related companies such as Coinbase Global Inc (NASDAQ:COIN).
Takeaways
• Ark Invest purchased 301,347 Coinbase shares on Thursday for a total value of $20.5 million adding to another $30 million worth of shares purchased in February as well as 265,000 Robinhood shares added to its portfolio .
• Despite current market conditions being less than ideal right now due to several cryptocurrency exchanges facing accusations by various regulatory authorities along with other events such as Silvergate’s collapse causing an overall crypto market meltdown; Cathie Wood remains bullish on Coinbase Global Inc (NASDAQ:COIN).
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