In the crypto market with another wave of panic, Cathie Wood’s ARKK holds a record amount of Coinbase shares this year.
In contrast to Coinbase, which trades as a coin, fell about 8% on Thursday, Katie Wood’s investment manager ARK Invest bought the largest amount of stock since the beginning of 2023.
On March 9, ARK bought 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known as ARKK, according to an investor note seen by Cointelegraph. The company also bought 52,525 Coinbase shares ($3 million) for its ARK Next Generation Internet ETF, called ARKW.
ARK’s latest investment includes the largest single Coinbase stock acquisition in 2023, for about 30% of all Coinbase purchases in 2023. This amount is significantly more than ARK’s total Coinbase stock purchase of around $13 million in January. Wood’s investment firm picked up $42 million worth of Coinbase shares in February.
In addition to Coinbase, ARK is actively buying Robinhood shares. On March 9, the company purchased an additional 265,566 Robinhood shares ($2.5 million) for its ARKK fund. The purchase came shortly after ARK picked up similar amounts of Robinhood shares, at 268,086 ($2.5 million) and 219,883 ($2.1 million) on March 8 and 6, respectively.
Related: Silvergate Talks With FDIC About Ways To Avoid Shutdown
The news comes amid reports suggesting that ARK has earned more than 70% of its $310 million in fees since ARKK’s price has fallen 76% since its all-time high in February 2021. the fund’s value has recovered slightly – from around $30 in early January to $37.3 in mid-March.
The new purchase of Coinbase shares confirms the company’s bullish sentiment towards the cryptocurrency industry and Bitcoin.
. Focused on technology innovations such as self-driving cars and genomics, ARK Invest founder Wood is one of the biggest crypto bulls in the world, and believes that Bitcoin will hit $1 million in the not so distant future due to its promising potential as a risk. – on asset.
The latest bullish investments came despite the crypto market facing another wave of panic due to Silvergate Crypto Bank announcing plans to wind down operations and liquidate the bank. On March 10, Bitcoin fell below $20,000 for the first time since early January.