- Cathie Wood’s ARK Investment firm has purchased more than 350,000 shares of Coinbase.
- The purchase was valued at $20.6 million and brings ARK’s total number of shares acquired this month to almost 566,000.
- The purchase is a clear sign of growing institutional interest in cryptocurrencies.
ARK Buys Coinbase Shares
Investment firm ARK, led by renowned investor Cathie Wood, purchased more than 350,000 Coinbase shares according to an email transaction report. The purchase was valued at $20.6 million and brings ARK’s total number of shares acquired this month to almost 566,000. This marks the most enormous one-day buy this year for the firm surpassing its January acquisition of 333,637 shares. With a market capitalization of just under $15.1 billion, Nasdaq reports that ARK owns 3.8% of the crypto exchange.
Impact on Crypto Market
Coinbase shares fell nearly 8% on March 9 due to the ongoing impact of the cryptocurrency-friendly bank Silvergate’s collapse which has shaken the crypto market. Over the past 24 hours both Bitcoin (BTC) and Ethereum (ETH) have dropped by over 8%. Right now, ARK owns 9.9 million COIN shares worth $575 million at the March 9 closing price of $58.09 USDT per coin.
Growing Institutional Interest in Crypto
By increasing its holdings in Coinbase, ARK is showing confidence in the potential of the crypto market and the exchange’s ability to survive despite recent market pressure from silivergate’s collapse causing both bitcoin and ethereum prices to drop by over 8%. The purchase is a clear sign of growing institutional interest in cryptocurrencies as these investments are made with more confidence despite current market conditions indicating that there is hope for a better future for blockchain technology and digital currencies overall.
About Cathie Wood & ARK Investment Management
Cathie Wood is an American investor known for her long-term investment philosophy which focuses on disruptive technologies such as artificial intelligence and blockchain technology among others which she believes will shape our future economy significantly within two decades or less time frame – hence why she invests so heavily into these kinds of companies like Coinbase even during rough markets where other investors may shy away from them instead.. She is currently serving as Chief Executive Officer (CEO) and Chief Investment Officer (CIO) at Ark Investment Management LLC (Ark Invest). Ark Invest specializes in ETFs that invest across innovative sectors such as Autonomous Technology & Robotics; DNA Technology; Cloud Computing; Energy Storage; Financial Technology; Industrial Innovation; Space Exploration & Infrastructure; Blockchain & Cryptocurrency Technologies etc., which makes it stand out from other traditional investment firms when it comes to investing strategy making it one great option for those looking into investing into cutting edge technologies today!
