- Coinbase stock finished the day at $61.89, while Robinhood stock fell by 3% to $9.42.
- Cathie Wood’s intention to accumulate tech and crypto assets stands out.
Ark Investment raised its Coinbase and Robinhood stock positions yesterday. In a transaction confirmation email, the business said that its flagship Ark Innovation ETF had purchased 47,568 Coinbase shares, while it’s Ark Next Generation Internet ETF had acquired 8,031. Moreover, 1.06 million Robinhood shares were bought by the latter fund. Yesterday, Coinbase stock finished the day at $61.89, while Robinhood stock fell by 3% to $9.42.
By acquiring 47,568 shares of Coinbase on March 7, ARK showed its steadfast commitment to the cryptocurrency industry. This is the third buy this week, and it adds to the 6 million shares it has bought in the ARKK ETF since the beginning of the month. Notwithstanding these expenditures, as per statistics, Coinbase’s stock has dropped by roughly 30% in the previous month, from $87.50 to its current value of $61.69.
Even throughout the crypto bear market of 2022, ARK and CEO Cathie Wood has maintained a positive stance. In a recent email, published on February 27th, the firm highlighted their delight at Coinbase’s launch of their Ethereum Layer-2 network, Base, as they saw it as consistent with the ideals of public blockchains in providing equitable, transparent, and easily accessible financial services. Moreover, ARK stated that Coinbase would reap financial rewards if its Wallet served as a reliable entry point to the expanding suite of network services.
In an industry that has suffered a big sell-off and is still on edge, Cathie Wood’s intention to accumulate tech and crypto assets stands out. Yet, the recent increase in the value of the flagship Ark Innovation Fund may make her current viewpoint reasonable. The Fund rebounded 42% as of February 20 after plunging a startling 70% in the previous year.