ARK Invest To Purchase Coinbase Stock Amid Unstable Market Conditions

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ARK claims to be purchasing 420,949 COIN shares, which are worth more than $21 million at the current market price.

According to an email from ARK’s trading desk, the purchase was made through three of the company’s ETFs. The fund stated that it is expanding its interest in Coinbase across all three of its funds: ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation. ARK holds 7.7 million shares of COIN and has added about 2 million shares over the last year. Moreover, it is now planning to add 420,949 shares. 

Coinbase’s stock has been pulled down by nearly 80% this year, and is still down by a whopping 85% from all-time highs that it recorded in November 2021. COIN is now trading at roughly $75 per share. Wood is still bullish about the firm and has an optimistic outlook for the cryptocurrency market in general

In late October, ARK announced that it’s ARK Innovation ETF would add 10,880 more shares to its COIN holding. 

Wood also owns a large amount of Bitcoin as she purchased $100,000 worth of the asset in 2015 at a price of $250. According to the current trade price, her investment is now worth $7.2 million.

COIN is presently trading at $50, down 10% on the day.

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