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Cathie Wood’s ARK buys 74,792 more Coinbase shares

By:
on Jan 12, 2023
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  • At close of day yesterday, Coinbase’s share price had gained +0.56 (1.30%).
  • Bank of America’s analyst Jason Kupferberg on January 11, cut his price target to $35 from $50.
  • Generally, the COIN stock rallied from about $35 to above $43 since the start of 2023.

Cathie Wood’s ARK has made a second purchase of Coinbase Global Inc (NASDAQ: COIN) shares in a week as the exchange’s stock continues to rally since the beginning of 2023. In this second purchase, ARK has added 74,792 shares of Coinbase shares to the ARK Innovation ETF.

The new purchase was announced through an investor email on Thursday.

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The price of the shares of cryptocurrency exchange Coinbase has risen more than 26% in the last five days even as the exchange made some moves to cut costs and reduce workforce headcount. To put things into perspective, the exchange’s stock has outperformed the price of bitcoin (BTCUSD) which has only gained about 7% in the same period.

ARK’s Coinbase shares stockpile

The recent Coinbase shares that ARK purchased were worth about $3.28 million based on the last closing price of $43.79 on Wednesday.

The additional purchase comes just a day after ARK made another $1.45 million purchase of 33,756 COIN shares.

While purchasing the additional COIN shares, ARK also added another 69,000 Tesla Inc (NASDAQ: TSLA) shares worth about $8.5 million.