Cathie Wood's ARK Buys Over $13M of Coinbase Shares
The purchase appears to be ARK's biggest of the year, eclipsing the $9.2 million order earlier this month
Feb 23, 2023 at 10:10 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FQHF2CVQOFBR3A5E6T7QICH7TA.jpg)
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Investment manager ARK has added a total of around $13.2 million worth of Coinbase (COIN) shares, according to an investor email on Thursday.
Cathie Wood's ARK Innovation ETF (ARKK) added 181,972 shares ($11.4 million) of Coinbase, which appears to be its single biggest COIN order of the year eclipsing the $9.2 million order earlier this month.
ARK also added 31,547 COIN shares ($1.93 million) to its Next Generation Internet ETF (ARKW).
The total of 213,519 shares is comfortably higher than than the 133,321 shares it purchased across the whole of last week.
Coinbase's Q4 earnings, published on Tuesday, were above expectations, but COIN shares dipped slightly on Wednesday, closing the day down 1.43% at $61.18.
Having lost around 86% its value in 2022, Coinbase stock began 2023 in bullish mode, more than doubling in value from around $34 to $81 in January, before pulling back somewhat this month.
COIN shares are up 2.45% at $62.68 in pre-market trading at the time of writing.
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Jamie Crawley is a CoinDesk news reporter based in London.