ARK Bought 160,000 Coinbase Shares As The Price Record Lows This Week
Key Points:
- Coinbase’s share price hit a new all-time low, closing at $35.39.
- Recently, ARK Fund bought an additional 164,295 shares of Coinbase (COIN) stock.
This week, Coinbase shares plunged to new lows, and the ARK fund purchased approximately 160,000 shares.
According to data from December 31, Coinbase shares price has plunged to a historical low this week, closing at $35.39 on Friday. Ark Fund boosted its Coinbase shares (COIN) holdings by 164,295 shares this week, with no trades on Grayscale GBTC. Base on Decrypt’s study of Ark’s daily trading information newsletter, the full purchase was allocated to the ARK Fintech Innovation ETF (ARKF), which invests in equity securities for fintech companies. The move comes only days after the stock of America’s top cryptocurrency exchange dropped to a new all-time low of $31.86 per share on December 28 before recovering over 7% on Thursday. This is Ark’s largest COIN buy since December 14, when the firm purchased 296,578 Coinbase shares valued more than $11.9 million for its funds.
Following this, the firm made two smaller acquisitions last week, acquiring 5,000 and 23,509 COIN on December 22 and December 23, respectively. Despite COIN’s 86% drop this year and the bulk of other stocks taking a beating in 2022, damaging Ark’s funds’ performance, Cathie Wood has defended the firm’s policy, pointing to a five-year investing horizon.
Earlier this week, Ark CEO issued her year-end message with investors, saying that “anxiety about the future is tangible these days, yet catastrophe has traditionally created possibilities.” According to the most recent Bank of America Fund Manager Survey, “cash levels have not been this high since the 9/11 tragedy in 2001.”
The statement also mentioned the CBOE equities put-to-call ratio, which reached 2.4 on Wednesday, a new high for the indicator even when compared to the early 2000s tech meltdown and the 2008 financial crisis. When this metric is high, it implies that the market is unduly bearish; when it is low, it signals that a bubble is emerging.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
Coincu News
Author
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ARK Bought 160,000 Coinbase Shares As The Price Record Lows This Week
Key Points:
- Coinbase’s share price hit a new all-time low, closing at $35.39.
- Recently, ARK Fund bought an additional 164,295 shares of Coinbase (COIN) stock.
This week, Coinbase shares plunged to new lows, and the ARK fund purchased approximately 160,000 shares.
According to data from December 31, Coinbase shares price has plunged to a historical low this week, closing at $35.39 on Friday. Ark Fund boosted its Coinbase shares (COIN) holdings by 164,295 shares this week, with no trades on Grayscale GBTC. Base on Decrypt’s study of Ark’s daily trading information newsletter, the full purchase was allocated to the ARK Fintech Innovation ETF (ARKF), which invests in equity securities for fintech companies. The move comes only days after the stock of America’s top cryptocurrency exchange dropped to a new all-time low of $31.86 per share on December 28 before recovering over 7% on Thursday. This is Ark’s largest COIN buy since December 14, when the firm purchased 296,578 Coinbase shares valued more than $11.9 million for its funds.
Following this, the firm made two smaller acquisitions last week, acquiring 5,000 and 23,509 COIN on December 22 and December 23, respectively. Despite COIN’s 86% drop this year and the bulk of other stocks taking a beating in 2022, damaging Ark’s funds’ performance, Cathie Wood has defended the firm’s policy, pointing to a five-year investing horizon.
Earlier this week, Ark CEO issued her year-end message with investors, saying that “anxiety about the future is tangible these days, yet catastrophe has traditionally created possibilities.” According to the most recent Bank of America Fund Manager Survey, “cash levels have not been this high since the 9/11 tragedy in 2001.”
The statement also mentioned the CBOE equities put-to-call ratio, which reached 2.4 on Wednesday, a new high for the indicator even when compared to the early 2000s tech meltdown and the 2008 financial crisis. When this metric is high, it implies that the market is unduly bearish; when it is low, it signals that a bubble is emerging.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
Coincu News
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