Cathie Wood’s ARK Funds Strike Gold With $21.64M Investment in Coinbase
- Cathie Wood’s ARK funds increased their stake in Coinbase by $21.64 million on June 6th.
- With this purchase, the funds now hold $647 million worth of Coinbase stocks.
- Wood’s continued investment highlights her belief in the long-term prospects of the cryptocurrency market.
Cathie Wood’s ARK funds have increased their stake in Coinbase, the popular cryptocurrency exchange, according to data from CathieSark.
On June 6, the multiple ARK funds managed by Cathie Wood added a total of 419,324 shares of Coinbase stock (COIN), equivalent to approximately $21.64 million.
Cathie Wood, the renowned investor and founder of ARK Invest, has been an advocate for disruptive technologies and has shown a particular interest in the cryptocurrency space. Her funds’ decision to increase their holdings in Coinbase reflects her confidence in the future potential of the company.
With this latest purchase, Cathie Wood’s ARK funds now hold a total of US$647 million worth of Coinbase stocks. The average cost of acquiring these shares is estimated to be between US$243 and US$254 per share. This suggests that the funds had acquired the shares at different prices over a period of time, reflecting their long-term investment strategy.
Coinbase has been one of the prominent players in the cryptocurrency industry, providing a platform for users to buy, sell, and store various digital assets. The company went public in April 2021, marking a significant milestone for the cryptocurrency market.
Cathie Wood’s continued investment in Coinbase highlights her belief in the long-term prospects of the cryptocurrency market and the growing adoption of digital assets. Wood has previously expressed her optimistic outlook for cryptocurrencies and blockchain technology, stating that they have the potential to revolutionize various industries.
The ARK funds managed by Cathie Wood have gained significant attention and popularity in recent years due to their focus on disruptive technologies and innovative companies. The funds have delivered impressive returns, attracting both retail and institutional investors.
As the cryptocurrency market continues to evolve and gain mainstream acceptance, investors like Cathie Wood are positioning themselves to benefit from the industry’s growth. By adding to their holdings in Coinbase, Wood’s ARK funds demonstrate their confidence in the company’s ability to capitalize on the increasing demand for cryptocurrencies.
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