ARK Invest Spends $20M to Buy Coinbase Shares
ARK Invest has purchased 301,437 shares of Coinbase for approximately $20 million while the ARK Next Generation Internet ETF (ARKW) has purchased 52,525 shares. This was based on the closing price of $58.09 on March 10.
Coinbase’s share price has risen from $33.6 by about 73% since the beginning of the year, reaching a peak of $81.46 on February 2. ARKF has a 10.33% share of Coinbase papers in its portfolio and ARKW has 6.36%.
Since October 2022, ARK Invest has spent a total of $39.4 million on Coinbase shares.
Despite rumors of SEC claims against Coinbase’s staking program in early 2023, the company’s founder and CEO, Cathy Wood, predicted an increase in Bitcoin capitalization to $4.5 trillion. This could have an effect on the price of Coinbase’s stocks.