ARK Purchases Over 350K Coinbase Shares

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Last Updated on March 10, 2023 by Bitfinsider

According to an emailed transaction report, investment firm ARK purchased more shares of cryptocurrency platform Coinbase (COIN) on Thursday than it did in the entire month of January.

Cathie Wood’s company added 301,437 COIN shares to its ARK Innovation ETF (ARKK) and 52,525 shares to its Next Generation Internet ETF (ARKW), totaling more than 350,000 shares, the largest one-day acquisition this year. It purchased 333,637 units in January.

The $20.6 million acquisition takes the total number of shares purchased this month to nearly 566,000, more than three-quarters of the amount purchased in February.

Coinbase shares fell nearly 8% on Thursday as the fallout from the failure of cryptocurrency-friendly bank Silvergate (SI) continued to roil the market. Bitcoin (BTC) and ether (ETF) have both fallen by more than 8% in the last 24 hours.

ARK now holds 9.9 million COIN shares, valued at $575 million at Thursday’s closing price of $58.09. According to Nasdaq, Coinbase’s market value is just under $15.1 billion, implying that ARK holds 3.8% of the exchange.

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