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Friday, February 3, 2023

Cathie Wood’s ARK Joins The 2023 Cryptocurrency Market With A $5.7M Coinbase Stock Buy

Cathie Wood’s Ark Investment Management has made a $5.7 million purchase of Coinbase stock, according to a recent filing with the Securities and Exchange Commission. Ark is a well-known investment firm that focuses on disruptive technologies, including cryptocurrency. The Coinbase purchase is in line with Ark’s focus on the digital asset space and suggests confidence in the future growth of the cryptocurrency exchange.

Equities of businesses related to Cathie Wood’s ARK’s investing concept of the future generation of the internet are the main focus of ARKW. ARKW is a more seasoned fund that only began operating in 2014. As of Jan. 5, Grayscale Bitcoin Trust and Coinbase, which together make up 5.4% and 4.8% of ARKW’s total assets, are two of the top 10 holdings.

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Both funds have decreased in value by more than 50% year over year, according to TradingView data, which is consistent with the current bad market in cryptocurrencies.

Cathie Wood’s ARK Joins Crypto Market:

Coinbase is one of the largest and most well-known cryptocurrency exchanges in the world, with a user base of over 43 million. The company went public in April 2021 through a direct listing, and its stock has performed well since then.

The purchase by Ark is not the only show of confidence in Coinbase. The company has also received significant investments from other well-known firms, including Tiger Global Management and Battery Ventures. These investments indicate that Coinbase is well-positioned for growth in the cryptocurrency market and that it has the support of leading industry players.

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Cathie Wood and Ark Investment Management have long been bullish on cryptocurrency and have made significant investments in the space. The Coinbase purchase is just the latest example of their commitment to the industry and suggests that they believe in the long-term potential of digital assets. It will be interesting to see how Coinbase’s stock performs in the coming months and how Ark’s investment plays out over the long term.




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