- Based on COIN’s closing price of $34.78, the deal represents roughly $5.5 million in value.
- Coinbase’s share price drop to an all-time low of $31.86 on December 28.
Ark Invest, headed by Cathie Wood, continued its long-standing dip-buying strategy on Thursday by purchasing an additional 158,116 Coinbase shares (COIN).
Based on COIN’s closing price of $34.78, the deal represents roughly $5.5 million in value. As per Ark’s daily trading information, the full purchase went toward the ARK Fintech Innovation ETF (ARKF), which makes equity investments in businesses operating in the financial technology sector.
Furthermore, this comes after the top cryptocurrency exchange in the United States had its share price drop to an all-time low of $31.86 on December 28 before recovering by over 7% the following day.
Banking on Coinbase Revival
For Ark, this is the biggest acquisition of COIN since December 14, when the company added a total of 296,578 Coinbase shares worth over $11.9 million to its funds. During the previous week, the company made two further, smaller transactions totaling 5,008 and 23,509 COIN on December 22 and 23, respectively.
Moreover, Cathie Wood, CEO of Ark, has stood by the company’s approach, citing the firm’s five-year investment horizon despite the fact that COIN has dropped by more than 86% this year and the bulk of other companies have taken big beatings in 2022.
Fear about the future is obvious these days, but crises historically has brought opportunity, Ark’s CEO told investors in her year-end letter earlier this week. She referred to a recent survey of fund managers conducted by Bank of America and said, “cash levels have not been this high since the 9/11 tragedy in 2001.”
Recommended For You:
Ark Invest’ Cathie Wood Continues Coinbase Stock Buying Spree
