Cathie Wood's investment management firm, ARK Invest, continues to add to its holdings of Coinbase (COIN) stock amid the recent cryptocurrency market decline.
On Feb. 10 and Feb. 13, Ark made its first COIN purchases since mid-January, adding significant exposure to the largest U.S. cryptocurrency exchange.
On Feb. 10, ARK purchased 139,105 COIN shares for the ARK Innovation exchange-traded fund (ARKK), according to an investor notice seen by Cointelegraph. On the same day, the asset manager also purchased 23,220 COIN shares for distribution to another fund, the ARK Next Generation Internet ETF (ARKW). Asset managers spent a total of $9.2 million on these Coinbase stock investments.
On February 13, ARKK and ARKW funds under Ark continued to increase their holdings of Coinbase shares, increasing their holdings of 102,281 COIN shares and 16,414 COIN shares respectively. The acquisition cost Ark around $6.7 million, as COIN closed at $56.4 on Monday.
In just two days, Ark spent nearly $16 million on Coinbase stock, $3.5 million more than it had spent in COIN stock in January. As of February 14th, Ark’s monthly COIN purchases were 280,000 shares, while in January Ark purchased more than 330,000 COIN shares.
So far, Ark has purchased 614,657 COIN shares in 2023 for $28.8 million. The latest buying comes as ARK Invest CEO and Chief Investment Officer Wood continues to express a bullish outlook for the cryptocurrency market.
On Feb. 3, Wood reaffirmed her bullish stance on Bitcoin, predicting that BTC will reach $1 million by 2030. The investment expert believes that due to its resilient network, Bitcoin should be used as an insurance policy in inflation-plagued countries.
The ARK CEO also sees a massive turnaround in crypto assets in 2023 due to inflation and a potential U-turn by the Federal Reserve.
