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Cathie Wood’s Ark Invest makes another huge Coinbase shares purchase

By:
on Feb 23, 2023
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  • The additional COIN shares purchased by Ark Invest amount to about $13 million.
  • Ark Invest has added more than 213,519 Coinbase shares.
  • The extra shares were added across two funds.

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Cathie Wood’s Ark Invest on Wednesday added another 213,519 Coinbase shares (NASDAQ: COIN) across two funds. The new purchase amounted to about $13 million.

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The new COIN shares acquisition brings the total amount of COIN shares that Ark Invest has purchased this month alone to over $30 million worth of COIN.

Ark Invests interest in Coinbase shares

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According to Ark Invest’s latest trade filing, the Wednesday purchase, 181,972 Coinbase shares were added to the Ark Innovation ETF and 31,547 shares were added to the Ark Next Generation Internet.

Most interestingly, Ark has added more than $21 million worth of COIN shares in the last month despite the mounting regulatory pressure facing the exchange and the price of COIN dipping by almost 7% since the beginning of February.

The COIN share price slightly went up on Tuesday buoyed by interest income from USDC before Ark Invest made the purchase the following day. In its Q4 results, Coinbase beat the revenue estimates with interest from USD Coin (USDC) for the quarter translating to $146 million, which is 100% up from the previous quarter.

COIN share price

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The share price then dropped by about 1.4% by the close of the day Wednesday.

However, the Coinbase shares price seems to be pushing up today since it has gone up by +1.08 (1.77%) to trade at $62.26 in Pre-market.

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