On the 29th of December, Ark Invest, the investment house led by Cathie Wood, a Wall Street veteran, purchased another 158,116 COIN shares of Coinbase, the largest cryptocurrency exchange in America. The worth of these newly purchased shares by Ark Invest is around $5.5 million based on COIN’s price of around $34.78 at the closing bell.
According to a Decrypt report, citing Ark’s daily trade information newsletter, the entire purchase of 158,116 COIN shares was allocated to ARKF, the ARK Fintech Innovation ETF, the company which invests in equity securities for firms in the fintech area.
This latest move of purchasing another COIN share from Ark Invest came after the price of the shares of Coinbase fell to a new all-time low of $31.86 on the 28th of December. According to the report, this latest purchase is Ark’s largest purchase of COIN shares since the 14th of December. At that time, Cathie Wood’s investment house bought a total of 296,578 Coinbase shares, worth around $11.9 million.
Last week, on the 22nd of December, the investment house purchased 5,000 COIN shares, and on the 23rd of December, the firm bought 23,509 COIN. This consistent investment from Ark Invest in the dipping shares of COIN shows how much the firm is interested in these shares.
This year, the price of COIN plummeted by more than 86%, and the majority of other stocks took a heavy beating. Despite these low prices, Cathie Wood’s Ark Invest defended the firm’s strategy and continued to buy Coinbase shares. Earlier this week, in a newsletter, Cathie, the CEO of Ark Invest, said that fear of the future is palpable these days, but crisis historically has created opportunities. This statement from the CEO of the investment house shows that she finds some opportunities in these bearish market conditions, due to which the firm has been continually purchasing COIN shares.
