Cathie Wood’s ARK Invest Invests $16 Million in Coinbase

Despite the recent cryptocurrency market downturn, Cathie Wood‘s ARK Invest remains committed to stocking up on Coinbase (COIN) stock. On February 10th and 13th, Ark made its first COIN purchases since mid-January, indicating that it is ready to capitalize on the United States’ largest crypto exchange.

ARK Invest Invested $16 Million in Coinbase in 2 Days

ARK Invest made a significant investment on February 10th, when they purchased 139,105 COIN shares for their Exchange-Traded Fund (ARKK) and an additional 23,220 to allocate to another fund – ARK Next Generation Internet ETF (ARKW). With these Coinbase stock investments totaling $9.2 million, it is clear that the asset manager has confidence in the growth potential of this cryptocurrency.

On February 13th and 14th, Ark’s ARKK and ARKW funds didn’t hesitate to acquire additional Coinbase stock. They bought 102,281 COIN shares on the 13th alone at a total cost of over $6 million! Combined with their purchases from the day before, they spent almost $16 million in just two days – that’s $3.5 more than what was purchased throughout January! In fact, by February 15th, there were already 280 thousand Coinbase shares – an overwhelming increase compared to the 330 thousand acquired during January.

Cathie Wood Is Extremely Optimistic With The Market

So far, in 2023, Ark Invest has secured 614,657 shares for a total of $28.8 million. These acquisitions come as ARK Invest CEO and Chief Investment Officer Cathie Wood continues to voice her optimism about the crypto market.

On Feb. 3, Cathie Wood reiterated her bullish perspective on Bitcoin and predicted that it would hit $1 million by 2030. She believes the currency should be taken up in countries with significant inflation issues as a safeguard owing to its reliable network. Furthermore, ARK Invest‘s CEO Cathie Wood is certain that crypto assets will undergo an immense transformation in 2023 due to soaring inflation rates and potential Federal Reserve alterations.

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