Cathie Wood’s Ark Invest Increases Investment in Coinbase

02/14/2023 09:56 • Metaverse & Beyond • 208 views

It is reported that after last week, Ark Invest of Cathie Wood spent another US $6.7 million yesterday to buy Coinbase shares. According to the latest transaction documents of Ark, the company added 102281 shares of Coinbase to its Ark Innovation ETF and 16414 shares of Coinbase to Ark Next Generation Internet.

Ark Invest bought $6.7 million of Coinbase shares again yesterday

Interpretation of the news:

Ark Invest, the investment management firm led by Cathie Wood, continues to increase its investment in Coinbase, the popular cryptocurrency exchange. After spending $13 million last week on Coinbase shares, the company added another $6.7 million on Tuesday, purchasing a total of 118,695 shares across two of its exchange-traded funds (ETFs). The move indicates Ark’s bullish outlook on Coinbase and the broader cryptocurrency market.

The latest regulatory filings reveal that Ark Invest added 102,281 shares of Coinbase to its Ark Innovation ETF and 16,414 shares to the Ark Next Generation Internet ETF. This brings the total investment of Ark Invest in Coinbase to over $200 million, making it one of the company’s most significant holdings. The purchase is also in line with Ark’s strategy of investing in innovative and disruptive technologies.

The continuing investment in Coinbase by Ark highlights the growing popularity and mainstream acceptance of cryptocurrencies. The trend has been fueled by the recent surge in the price of Bitcoin and other digital currencies, with Coinbase being one of the leading platforms for buying, selling, and storing cryptocurrencies.

Cathie Wood, the CEO of Ark Invest, has been a vocal supporter of Bitcoin and other cryptocurrencies, calling them the “next big thing” in financial innovation. In a recent interview, she stated that she believes Bitcoin could reach a price of $500,000, adding that the cryptocurrency has the potential to replace gold as a store of value.

While the investment in Coinbase may be seen as a risky move by some, given the volatility of the cryptocurrency market, Cathie Wood’s Ark Invest has shown a knack for investing in innovative technologies that have the potential for significant growth. With the growing adoption of cryptocurrencies and the increasing acceptance of Bitcoin by mainstream financial institutions, the investment in Coinbase could be a potentially lucrative one for Ark Invest and its investors.

In conclusion, the increased investment in Coinbase by Cathie Wood’s Ark Invest signifies the growing mainstream acceptance of cryptocurrencies, particularly Bitcoin. The bullish move aligns with Ark’s investment strategy of investing in innovative technologies and highlights the potential for significant growth in the cryptocurrency market. As the trend continues, cryptocurrencies are likely to become an increasingly significant component of many investment portfolios in the years to come.

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Cathie Wood’s Ark Invest Increases Investment in Coinbase

Ark Invest bought $6.7 million of Coinbase shares again yesterday

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