Cathie Wood’s Ark Invest bags nearly $16M Coinbase stocks in February

Cathie Wood’s concern absorption steadfast Ark Invest continues stacking Coinbase (COIN) banal amid the latest cryptocurrency marketplace decline.

On Feb. 10 and Feb. 13, Ark made its archetypal COIN purchases since mid-January, adding important vulnerability to the United States’ largest crypto exchange.

Last Friday, Ark bought 139,105 COIN shares for the ARK Innovation exchange-traded money (ARKK), according to an capitalist notification seen by Cointelegraph. On the aforesaid day, the plus manager besides purchased 23,220 COIN shares for allocation by different fund, ARK Next Generation Internet ETF (ARKW). The plus manager spent a full of $9.2 cardinal connected these Coinbase banal investments.

On Feb. 13, Ark’s ARKK and ARKW funds continued to accumulate the Coinbase stock, adding 102,281 COIN shares and 16,414 COIN shares, respectively. With COIN closing astatine $56.4 connected Monday, the purchases outgo Ark astir $6.7 million.

Just successful 2 days, Ark spent astir $16 cardinal connected the Coinbase stock, oregon $3.5 cardinal much than it wholly stacked successful COIN shares successful January. As of Feb. 14, Ark's monthly COIN purchases magnitude to 280,000 shares, portion successful January Ark bought much than 330,000 COIN shares.

Ark’s full COIN purchases truthful acold successful 2023 magnitude to 614,657 shares, bought for $28.8 million.

Related: Cathie Wood: Ark dumps 500K GBTC shares, adds Coinbase banal arsenic Bitcoin recovers 40%

The latest purchases travel amid Ark Invest CEO and main concern serviceman Wood continuing to explicit a bullish outlook connected the cryptocurrency market.

On Feb. 3, Wood again reiterated her bullish Bitcoin (BTC) stance, predicting that Bitcoin volition deed $1 cardinal by 2030. The concern adept believes Bitcoin should beryllium adopted by countries troubled with ostentation arsenic an security argumentation owed to its resilient network.

The Ark’s main enforcement besides believes crypto assets will spot a immense turnaround successful 2023 owed to ostentation and a imaginable Fed pivot.