Ark Invest, a firm founded by Cathie Wood, has purchased $5.8 million worth of Coinbase shares
The purchases were made by Ark’s ARKW and ARKF funds
Ark Invest’s ARKF fund was established in 2019 and focuses on companies using technology to transform financial services, with Coinbase representing 7.7% of its assets
The ARKW fund, launched in 2014, focuses on companies relevant to Ark’s investment theme of the next generation internet, with Coinbase and Grayscale Bitcoin Trust among its top 10 holdings
Ark has previously demonstrated confidence in Coinbase by buying dips in the market, including a $12.1 million investment in November 2022
As of late November, Ark’s total stake in Coinbase reached almost 8.7 million shares, approaching all-time highs
Cathie Wood’s investment firm, Ark Invest, has demonstrated confidence in Coinbase even as the crypto exchange’s share price falls. On Thursday, Ark Invest purchased $5.8 million worth of Coinbase shares, with the ARKW fund buying 27,813 shares and the ARKF fund buying 144,463 shares. Coinbase’s share price closed at $33.53 on Thursday, a drop of 11% from the previous day.
ARK Invest’s ARKF fund was established in 2019 and invests in the equity securities of companies that Ark believes are using technology to transform financial services and economic transactions. Coinbase is a major holding in the fund, representing 7.7% of its total assets. The ARKW fund, which was launched in 2014, focuses on equities of companies relevant to Ark’s investment theme of the next generation internet. As of January 5th, Grayscale Bitcoin Trust and Coinbase were among the top 10 holdings of the ARKW fund, representing 5.4% and 4.8% of its total assets, respectively.
Ark’s latest purchases of Coinbase stock mark a bullish move by the company, as Ark has previously been active in buying dips in the market. In November 2022, Ark invested $12.1 million in Coinbase shares despite market turmoil caused by the FTX collapse. As of late November, Ark’s total stake in Coinbase reached almost 8.7 million shares, approaching all-time highs.