Coinbase still a buy for Cathie Wood: ARK buys its biggest batch of COIN in 2023
Amid Coinbase, which trades as COIN, tumbling about 8% on Thursday, Cathie Wood’s investment manager ARK Invest bought the biggest amount of the stock since the start of 2023.
On March 9, ARK purchased 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known as ARKK, according to an investor notification seen by Cointelegraph. The company has also bought 52,525 Coinbase shares ($3 million) for its ARK Next Generation Internet ETF, referred to as ARKW.
ARK’s latest investments comprise the largest single Coinbase stock acquisition in 2023, accounting for roughly 30% of all Coinbase purchases in 2023. The amount significantly exceeds ARK’s total Coinbase stock buys of around $13 million in January. Wood’s investment firm bagged $42 million worth of Coinbase stock in February.
In addition to Coinbase, ARK has been actively buying Robinhood stock. On March 9, the company purchased another 265,566 Robinhood shares ($2.5 million) for its ARKK fund. The purchase came shortly after ARK packed similar amounts of Robinhood shares, buying 268,086 ($2.5 million) and 219,883 ($2.1 million) on March 8 and 6, respectively.
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The news comes amid reports suggesting that ARK has earned more than 70% of its $310 million fees since ARKK’s price plummeted by 76% since its all-time high in February 2021. In 2023, ARK earned an average of roughly $230,000 in fees daily as the fund’s value slightly recovered — surging from around $30 in early January to $37.3 in mid-March.
The new Coinbase stock purchase further reaffirms the company’s bullish sentiment toward the cryptocurrency industry and Bitcoin (BTC). Focused on technology
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