Cathie Wood’s Ark Invest Makes Largest Coinbase Stock Buy After Earnings
Cathie Wood’s investment management firm Ark Invest makes its largest Coinbase stock buy of the year. Cathie Wood remains bullish on crypto exchange Coinbase despite falling revenue and regulatory uncertainty in the U.S. crypto market.
Coinbase reported a total revenue of $605 million in Q4, down sharply from $2.49 billion for the same quarter a year ago. However, it beats analyst estimates of $588 million and is up 5% from $590 million in the third quarter.
On February 22, Ark Invest purchased a total of 213,519 Coinbase (COIN) shares as price dipped to $58 again. Cathie Wood’s Ark Invest purchased 181,972 Coinbase stocks for ARK Innovation ETF (ARKK) and 31,547 Coinbase stocks for ARK Next Generation Internet ETF (ARKW), according to transactions seen by CoinGape.
On Feb 14, Ark Invest purchased a total of 14,636 Coinbase (COIN) stocks as the stock prices dipped below $58. Cathie Wood’s Ark Invest purchased 11,778 Coinbase stocks for ARK Innovation ETF and 2,848 Coinbase stocks for ARK Next Generation Internet ETF.
Ark Invest also purchased 162,325 COIN shares on Feb. 10 and 118,698 COIN shares on February 13 this month. Cathie Wood remains optimistic about turning around the loss in funds with Coinbase shares.
Coinbase (COIN) stock price ended 1.43% down at $61.18 on Wednesday. In the pre-market hours, COIN price is trading at $62.95, up nearly 3%.
Also Read: Binance-Voyager $1 Billion Deal Foiled By US SEC
Cathie Wood Is Bullish on Coinbase Stock
Cathie Wood on Saturday said growth stocks and innovation-based strategies will recover the lost gains as the “brutal interest rate increase” by the U.S. Federal Reserve comes near to an end. Ark Invest is heavily buying Coinbase (COIN) and Tesla (TSLA) shares from low as part of its active equity management strategy.
Meanwhile, She believes the Bitcoin price will hit $1 million by 2030. She also believes Bitcoin can help countries troubled by inflation, similar to an insurance policy.
Also Read: Binance Targeted By South Korea Regulators After US Regulatory Action
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