Ark Invest Yet Again Buys Coinbase Shares Worth $1.45M

  • In two of its funds (ARKW and ARKF), Ark purchased 172,276 Coinbase shares on Jan 5.
  • Ark Invest, had bought an additional 33,756 shares of Coinbase on Tuesday.

An email sent to investors on Tuesday revealed that Cathie Wood’s investment business, Ark Invest, had bought an additional 33,756 shares of Coinbase (COIN) on Tuesday.

With a price of $43.23 per share approx, the total value of the acquisition is around $1.45 million. The money was invested in the ARK Innovation ETF (ARKK). The company made its second acquisition in as many days yesterday. In two of its funds (ARKW and ARKF), Ark purchased 172,276 Coinbase shares on January 5.

Investments made by Ark’s ARKW fund may be found in areas such as cloud computing, artificial intelligence, e-commerce, and media.

The ARKF fund, on the other hand, is only dedicated to fintech businesses. That Ark believes have significant room for expansion in the future. Ark has purchased up to 750,324 shares in eleven separate transactions from December 14, 2022.

950 Workers Fired

Among its three investment vehicles (ARKK, ARKW, and ARKF), Ark’s holdings in COIN amount to almost 8.596 million shares (or 2.92 percent of the company’s total investments). Nasdaq shows that yesterday, shares of Coinbase (COIN) rose almost 12.96%, from $37.80 to $43.23. As a whole, COIN has gained 24.98% in the last week.

The decision to let off 950 workers at Coinbase, which would reduce operational expenses by around 25%, is the main reason for the recent price increase. While COIN has risen by almost 30% since the beginning of the year, the crypto exchange is still down 87.23% from its all-time high of $342.98 in November of 2021.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.