Claim BonusArk Invest CEO Cathie Wood Bullish On Coinbase’s Base Layer-2 Blockchain, Buys More COIN
Ark Invest CEO Cathie Wood has been extremely bullish on Coinbase stock since last October. Cathie Wood’s investment management firm Ark Invest continues to buy Coinbase shares in larger quantities despite falling revenues and regulatory uncertainty in the U.S.
With the announcement of the Ethereum Layer-2 blockchain Base, Coinbase share price is bound to rally higher. The Base blockchain is built using Optimism’s OP Stack and plans to connect with the main Ethereum network for Layer-2 solution.
On February 23, Ark Invest purchased a total of 63,585 Coinbase (COIN) shares as Coinbase announces the Base Layer-2 blockchain. Cathie Wood’s Ark Invest purchased 53,783 Coinbase stocks for ARK Innovation ETF (ARKK) and 9,802 Coinbase stocks for ARK Next Generation Internet ETF (ARKW), according to transactions seen by CoinGape.
A day earlier on Feb 22, Ark Invest made its largest Coinbase stock buy of the year as the crypto exchange reported total revenue of $605 million in Q4 earnings, beating analyst estimates of $588 million.
Ark Invest purchased a total of 213,519 Coinbase (COIN) shares as the price dipped to $58. Ark Invest purchased 181,972 Coinbase stocks for ARK Innovation ETF (ARKK) and 31,547 Coinbase stocks for ARK Next Generation Internet ETF (ARKW).
Cathie Wood’s funds also purchased 162,325 COIN shares on Feb. 10, 118,698 COIN shares on February 13, and 14,626 COIN stock on Feb 14. Cathie Wood remains optimistic about turning around the loss in her funds with Coinbase shares.
Coinbase (COIN) stock price ended 2% higher at 62.36 on Thursday. In the pre-market hours, the COIN price is trading at 61.43, down 1.50%.
Also Read: Bitcoin News: Whales Move Over 10000 BTC Amid Major Liquidation Risk Today
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Traders Reduce Fed Rate Cut Expectations Even as Expert Calls Fed Chair Nominee Kevin Warsh ‘Dovish’
- Crypto, Banks Clash Over Fed’s Proposed ‘Skinny’ Accounts Ahead of White House Crypto Meeting
- XRP News: Ripple Expands Custody Services to Ethereum and Solana Staking
- Bernstein Downplays Bitcoin Bear Market Jitters, Predicts Rally To $150k This Year
- Breaking: Tom Lee’s BitMine Adds 40,613 ETH, Now Owns 3.58% Of Ethereum Supply
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
- Ethereum Price Prediction Ahead of Feb 10 White House Stablecoin Meeting
- Cardano Price Prediction as Midnight Token Soars 15%
