- This is the third day in a row that shares of Coinbase have been purchased.
- The cryptocurrency exchange announced overall revenue of $605 million in Q4.
Once the COIN price dropped below $58 on Friday, investment management company Ark Invest, run by Cathie Wood, made a significant acquisition of Coinbase shares. As U.S. Core PCE inflation for January came in at 0.6%, above market predictions of 0.4%, the price of Coinbase, which is listed on the NASDAQ, plummeted. The Federal Reserve’s preferred inflation gauge increased by 4.7% in February, suggesting more rate increases by the end of the month.
As the price of Coinbase (COIN) dropped to $58 on February 24, Ark Invest bought 150,192 shares. Investment records show that Ark Invest, led by Cathie Wood, bought a total of 128,396 Coinbase shares for the ARK Innovation ETF (ARKK) and another total of 21,796 Coinbase shares for the ARK Next Generation Internet ETF (ARKW).
Optimistic Outlook on Coinbase
This is the third day in a row that shares of Coinbase have been purchased. On February 22nd, Cathie Wood spent her money to buy 215,519 and on February 23rd, she spent it to buy 63,585. Although the cryptocurrency exchange announced overall revenue of $605 million in Q4 profits, topping analyst projections of $588 million, the highest stock buy of the year occurred on February 22.
With the release of the Basic Layer-2 blockchain this week, Cathie Wood has a more optimistic outlook on Coinbase. She also has faith that her holdings in Coinbase stock will eventually recover from their recent losses. This month, however, despite the extraordinary crypto market and macro circumstances, the funds have not done better. Ark Invest has so far acquired 722,942 shares of Coinbase (COIN) this month.
Recommended For You:
Here’s Why Coinbase’s Layer 2 Blockchain Launch Powers Optimism ($OP) Token!
