Cathie Wood’s Firm Buys $21m Shares In Coinbase

Cathie Wood’s firm Ark Invest buys more than 420,000 shares in Coinbase.

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Given current market prices, 420,949 COIN shares are worth about $21 million.

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This happens just after Binance signed a letter of intention to buy FTX.

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As reported, prior to this Ark funds bought shares in the US company on October 24, this was their first purchase since July.

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Binance's potential acquisition of FTX could hurt the $1 trillion industry already suffering from a prolonged market downturn.

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Also, Bitcoin and Ethereum have fallen sharply, weighing down the overall market performance.

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Changpeng Zhao’s move to take over FTX shocked the crypto world.

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