Cathie Wood’s Ark Invest purchased $14M Coinbase stock as the entire cryptocurrency market continued to experience a decline in prices.
According to Investing.com, Ark Invest paid $13,994,646 for 64,358 Coinbase stock. Over the last three weeks, Ark has invested $28.2 million in Coinbase, progressively growing its holdings. Coinbase is currently ranked as the third-largest asset in the company’s flagship ARKK fund and the second-largest in ARKF.
Ark Invest Purchases Coinbase Stock
As Bitcoin and tech stocks fell in February, ARK Invest bought 41,032 Coinbase shares for $9.3 million. Two months prior, in December, the company had sold $4.3 million worth of Coinbase shares.
Because of its fixed 21 million supply cap, Cathie Wood had previously predicted that Bitcoin could reach $1 million by 2030. She cited the scarcity of Bitcoin and rising institutional demand as the main drivers of its value.
Marathon Digital saw a 16.3% drop, and MicroStrategy saw a 16.7% drop in the recent crypto stock decline. Bitcoin fell 7.6%, which caused the market as a whole to decline. Coinbase stock was up 3% at $179.23 per share in premarket trading earlier today.
