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Coinbase (COIN) Stock Rally As Cathie Wood’s Ark Invest Continues Buying Spree In March

Cathie Wood's Ark Invest purchases 156,035 Coinbase (COIN) stock as buying spree continues in March after massive purchases last month.
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Coinbase (COIN) Stock Rally As Cathie Wood’s Ark Invest Continues Buying Spree In March

Ark Invest, an investment management firm led by Cathie Wood, has added more Coinbase stock to its portfolio of funds, continuing its buying spree in March after massive purchases in February. Coinbase (COIN) shares look attractive after it launched Base, an Ethereum Layer-2 blockchain, and acquired One River Digital Asset Management.

On March 2, Ark Invest purchased a total of 36,492 Coinbase (COIN) shares as the price dipped near $58 again. Cathie Wood’s Ark Invest purchased 31,348 Coinbase stocks for its ARK Innovation ETF (ARKK) and 5,144 Coinbase stocks for ARK Next Generation Internet ETF (ARKW), according to transactions seen by CoinGape.

On March 3, Ark Invest buys a total of 119,543 Coinbase (COIN) shares as the firm acquired One River Digital Asset Management. Cathie Wood’s Ark Invest purchased 103,148 Coinbase shares for its ARK Innovation ETF (ARKK) and 16,395 Coinbase shares for ARK Next Generation Internet ETF (ARKW).

This comes after massive purchases in February amid renewed interest in Coinbase. Ark Invest purchased a total of 722,942 Coinbase (COIN) stocks in February. Cathie Wood’s funds are again rising this month after performing significantly better in January.

Recently, Cathie Wood reiterated her bullish stance on Bitcoin and Ethereum, saying both top cryptocurrencies are “on the right track.” She is also confident about a rebound in Tesla (TSLA) stock, while there’s no purchase of shares in February.

Coinbase (COIN) stock price rallied 8% this week, hitting a high of $66.69. The COIN price ended 1.27% higher at $64.51 on Friday. Meanwhile, the COIN price is trading at $64 in the after-market hours.

Also Read: FTX News: US DOJ Proposes Bail Restrictions For Sam Bankman-Fried

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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