Cathie Wood’s Ark Invest Adds Over 150K Coinbase Stock Amid Red Hot Inflation
Cathie Wood’s investment management firm Ark Invest has once again made a big purchase of Coinbase stocks after the COIN price fell below $58 on Friday. The NASDAQ-listed Coinbase price fell after the Core PCE inflation in the U.S. came in at 0.6% for January, above market estimates of 0.4%. The U.S. Federal Reserve’s preferred gauge to measure inflation rose by 4.7%, pointing to higher rate hikes in March.
On February 24, Ark Invest purchased a total of 150,192 Coinbase (COIN) shares as the price dipped to $58 again. Cathie Wood’s Ark Invest purchased 128,396 Coinbase stocks for its ARK Innovation ETF (ARKK) and 21,796 Coinbase stocks for ARK Next Generation Internet ETF (ARKW), according to transactions seen by CoinGape.
This marks a consecutive Coinbase shares buy for the third straight day. Cathie Wood’s funds purchased 213,519 on Feb 22 and 63,585 on Feb 23. The purchase on Feb 22 was the 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.
Cathie Wood is more bullish on Coinbase after the launch of the Base Layer-2 blockchain this week. Moreover, she remains optimistic about turning losses in her funds with Coinbase shares. However, the funds have not performed better this month amid extreme crypto market and macro conditions.
Until now, Ark Invest has purchased a total of 722,942 Coinbase (COIN) stocks in February. She had also been purchasing Tesla (TSLA) shares due to her bullishness on electric vehicles.
Coinbase (COIN) stock price ended 6.29% lower at $58.44 on Friday. In the after-market hours, the COIN price is trading at 58.10, down 0.50%.
Also Read: Ethereum Shanghai Upgrade: Tron Founder Justin Sun Stakes Millions in ETH On Lido
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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.
