Ark Invest increased its Coinbase shares holding via its two ETFs, ARKK and ARKW, spending more than $20 million on COIN since January.
ARK Investment Management LLC (Ark Invest) is already enjoying dividends on the Coinbase (NASDAQ: COIN) shares it purchased last week. Between February 13th and 17th, the investment management firm bought a total of 133,321 shares in the crypto exchange. However, reports have stressed that Ark Invest bought the Coinbase shares on Monday and Tuesday, with no buy or sell activity for the rest of the week.
Coinbase’s shares closed up more than 17% last Friday at $65.20 a pop, which sees Ark Invest riding high. The Florida-based Bitcoin-loving investment management platform has now bought approximately $20 million in Coinbase stock since January. Ark CEO Cathie Wood seemingly shows no signs of relenting on COIN as the new year unfolds.
On Monday, February 13th, Ark Invest purchased 102,281 COIN shares through its ARK Innovation ETF (ARKK). In addition, the crypto-friendly investment manager also bought 16,414 Coinbase shares through ARK Next Generation Internet ETF (ARKW). Both ARK exchange-traded funds also purchased COIN on Tuesday, February 14th, with ARKK acquiring 11,778 shares while ARKW bought 2,848.
Ark Invest had no further COIN activity for the remaining three days of the week. Notwithstanding, the investment management firm ended last week with a total of 133,321 COIN shares purchased and none sold.
Between January 5th and 11th, Ark Invest also bought a total of $10.47 million in Coinbase stock. On January 5th alone, the company snapped up 172,276 COIN stock worth $5.77 million, and 74,792 COIN worth $3.275 million on January 11th.
Coinbase Shares Amassment Indicative of Ark Invest CEO Appetite for Tech Stocks amid Economic Uncertainty
Last week, Woods doubled down on volatile tech stocks amid the rebound of her Ark funds. The Ark CEO previously predicted that BTC could surpass $1 million by 2030 and Tesla (NASDAQ: TSLA) could surge 800% by 2028. She says, “Our base case for Bitcoin in 2030 is $700,000. Our bull case is roughly double that.” Furthermore, Woods also said:
“Tesla is one of the most profound A.I. companies out there. It’s not an auto company; it’s a technology company.”
She also explained:
“E.V.s have hit price parity with gas-powered vehicles. Now they are about to go into another accelerated decline in price that gas-power vehicles won’t be able to compete.”
Woods continues to shore up on tech and crypto assets, to the chagrin of several other fund managers. However, Woods’ stance might be justified at the moment. The reason is that Ark’s flagship Ark Innovation Fund was up 42% from a 70% drawdown in 2022.
In addition to purchasing more than half a million Tesla shares since the turn of the year, Ark Innovation also captured telehealth. As of last week, the company held $12 million worth of shares in New York-based telehealth company Teladoc Health. Furthermore, Ark Innovation also recently increased stakes in other telehealth/biotech platforms, including Twist Bioscience (NASDAQ: TWST) and Intellia Therapeutics (NASDAQ: NTLA). The fund also holds substantial stakes in video game developer Roblox.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Source: https://www.coinspeaker.com/ark-invest-133321-coinbase-shares/