Ark Invest Continues Buying Coinbase Shares! What Does This Mean?
The crypto winter seen in 2022 was not just a winter for cryptocurrencies, it was a winter for everything. Because, along with the crypto money market, there were also decreases in the stock market. In this context, the shares of Coinbase (COIN), the largest cryptocurrency exchange in the USA, also experienced a significant decline. Giant investment company Ark Invest, which turned this decline into an opportunity, continues to buy Coinbase shares.
Bitcoin (BTC) supporter Cathie Wood’s Ark Invest, which has also made a purchase in the past days, has again made a COIN purchase. Ark Invest, which has added $ 3.2 million worth of Coinbase shares to its portfolio, continues to believe in Coinbase as well as BTC and crypto, despite the declines.
Commenting on Cathie Wood’s purchase of Coinbase stock, experts said that these purchases mean that Wood has come to an end in the declines in the crypto money sector and has seen bullish signs. With the investment firm’s recent acquisition, it currently holds 5.8 million COIN shares worth $228 million in the technology-focused ARK Innovation ETF (ARKK).
Since January 2022, COIN has dropped nearly 84%, while Bitcoin has outperformed Coinbase stock, down 61%. In addition, as it will be remembered, despite a hard bear market in the crypto money industry, Cathie Wood continues her rise in BTC. Because Wood states in his statements that his goal of 1 million dollars for Bitcoin is still valid.
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