ARK Invest buys Coinbase shares after a long time: What does it mean?

ARK Invest, led by Cathie Wood, who collected COIN shares at low prices during the crypto crisis in 2022, has been making serious profit sales since last year. In yesterday’s market declines, the company bought for the first time in more than a year.

ARK Invest buys Coinbase shares after a long time: What does it mean?

ARK Invest, led by Bitcoin supporter Cathie Wood, bought Coinbase shares for the first time since June 2023. The company, which bought even at the $30 level during the crypto crises in 2022, started profit sales last year.

$18 million purchase was made

ARK, known for its investments in technology-oriented companies and creating many funds in this field, bought $17.8 million worth of COIN shares. ARK, which distributes the purchases to 3 separate funds;

  • $12.3 million for ARKK, the innovation ETF,
  • $2.5 million for ARKW, the Next Generation Internet ETF,
  • The Fintech Innovation ETF also bought a $3 million stake in ARKF.

Nearly 10-fold increase…

ARK Invest’s new purchase after selling COIN shares collected from the bottom for the last 1 year clearly shows its confidence in the company and its belief that the shares will increase.

Coinbase shares, which fell to $30 in November 2022, rose to $285 in this year’s bull season and exhibited an almost 10-fold increase.

COIN, which last fell to yesterday’s level of $160 in February, is trading around $190 in the minutes the news was written.

Cathie Wood is one of the names that openly supported Donald Trump in the US presidential election. Wood recently attended a meeting at Trump’s home in Mar-a-Lago.

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