ARK Invest has spent about $30 million in Coinbase stock so far in 2023, when it dumped grayscale Bitcoin Trust shares.
Cathy Wood’s investment management firm ARK Invest continues to pile up shares of Coinbase ( COIN ) amid the cryptocurrency market’s latest downturn.
On February 10 and February 13, Arc purchased its first COIN since mid-January, adding significant exposure to the largest US crypto exchange.
On February 10, ARK purchased 139,105 shares of COIN for the ARK Innovation Exchange Traded Fund (ARKK), according to an investor presentation seen by Cointelegraph. On the same day, the asset manager also bought 23,220 shares of COIN for allocation by another fund, ARK Next Generation Internet ETF (ARKW). The asset manager spent a total of $9.2 million on these Coinbase stock investments.
On February 13, Ark’s ARKK and ARKW funds continued to accumulate Coinbase stock, adding 102,281 COIN shares and 16,414 COIN shares, respectively. After COIN closed at $56.4 on Monday, Ark spent about $6.7 million in purchases.
In just two days, Arch spent nearly $16 million in Coinbase stock, up from the $3.5 million it fully stacked in Coin stock in January. As of February 14, Arc Coin’s monthly purchases were 280,000 shares, and in January Arc purchased more than 330,000 shares of the coin.
Arch’s total COIN purchases in 2023 are 614,657 shares, which were purchased for $28.8 million.
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Recent purchases Arch CEO and Chief Investment Officer Invest Wood continues to maintain a bullish outlook on the cryptocurrency market.
On February 3, Wood reiterated her bullish stance on Bitcoin
, predicts that BTC will reach $10 million by 2030. The investment expert believes that Bitcoin should be adopted as an insurance policy by countries suffering from inflation due to its flexible network.
The ARK CEO also believes that crypto assets will see a major shift in 2023 due to inflation and a possible Fed pivot.