Ark Invest Buys $6.7M More Coinbase Shares

Y

esterday, Cathie Wood's Ark Invest displayed its enthusiasm for Coinbase by acquiring an additional $6.7 million in shares - on top of the prior purchases last week!

According to its latest trade filing, Ark recently purchased 102,281 Coinbase shares for $6.7 million and added them to their Ark Innovation ETF, in addition to another 16,414 shares that were allocated towards the Ark Next Generation Internet portfolio. Unfortunately, on Monday these stocks closed down 1.2%, priced at $56.40 a share by the end of day trading, leaving investors with considerably less value than what was initially expected when purchases were made earlier this week.

In the face of a declining share price and immense opposition, Wood has devoted more than $15 million to acquiring shares during the past two days on the stock market.

As Coinbase’s fourth-quarter earnings approach, projections from FactSet suggest a sharp decline in trading volumes and monthly transacting users compared to the same period last year.

Chris

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.