ARK Invest has spent nearly $30 million on the Coinbase stock so far in 2023 while dumping Grayscale Bitcoin Trust shares.
Cathie Wood’s investment management firm ARK Invest continues stacking Coinbase (COIN) stock amid the latest cryptocurrency market decline.
On Feb. 10 and Feb. 13, Ark made its first COIN purchases since mid-January, adding significant exposure to the United States’ largest crypto exchange.
On Feb. 10, ARK bought 139,105 COIN shares for the ARK Innovation exchange-traded fund (ARKK), according to an investor notification seen by Cointelegraph. On the same day, the asset manager also purchased 23,220 COIN shares for allocation by another fund, ARK Next Generation Internet ETF (ARKW). The asset manager spent a total of $9.2 million on these Coinbase stock investments.
On Feb. 13, Ark’s ARKK and ARKW funds continued to accumulate the Coinbase stock, adding 102,281 COIN shares and 16,414 COIN shares, respectively. With COIN closing at $56.4 on Monday, the purchases cost Ark about $6.7 million.
Just in two days, Ark spent nearly $16 million on the Coinbase stock, or $3.5 million more than it totally stacked in COIN shares in January. As of Feb. 14, Ark’s monthly COIN purchases amount to 280,000 shares, while in January Ark bought more than 330,000 COIN shares.
Ark’s entire COIN purchases so far in 2023 amount to 614,657 shares, bought for $28.8 million.
Related: Cathie Wood: Ark dumps 500K GBTC shares, adds Coinbase stock as Bitcoin recovers 40%
The latest purchases come amid ARK Invest CEO and chief investment officer Wood continuing to express a bullish outlook on the cryptocurrency market.
On Feb. 3, Wood again reiterated her bullish stance on Bitcoin (BTC), predicting that BTC will hit $1 million by 2030. The investment expert believes Bitcoin should be adopted by countries troubled by inflation, as an insurance policy due to its resilient network.
The ARK CEO also believes that crypto assets will see a huge turnaround in 2023 due to inflation and a potential Fed pivot.
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