Ark Invest Buys More Nearly 80,000 Coinbase Shares As Price Drops 60%

During the crisis market Ark Invest purchased nearly 80,000 more shares of Coinbase (COIN). This purchase brings the ARK Innovation ETF to hold up to 5.7 million COIN shares and raises the exposure of the ETF to 1.4%.

According to Coindesk, Cathie Wood’s Ark Investment Manager said in an e-mail that they have purchased 78,982 shares in cryptocurrency exchange Coinbase (COIN), their first investment in the crypto exchange in a month.

The shares are worth about $3 million based on Friday’s closing price of $40.24. The price of COIN is down nearly 60% from $98 at the beginning of August.

Coinbase’s stock has been in a rut in recent months. In a recent update, Coinbase CEO Brian Armstrong also said that the company’s revenue this year will likely be at least 50% lower than last year due to the sharp drop in cryptocurrency prices and the negative impact of the coronavirus. the collapse of FTX.

Following the acquisition, the ARK Innovation ETF (ARKK) held COIN shares to 5.7 million shares, increasing the company’s ETF exposure to 1.4%.

It seems that the crypto winter is an investment opportunity for Ark Invest as mid-November, the company purchased 315,259 shares of GBTC for more than $2.8 million.

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