Cathie Wood’s Ark Invest Purchases $9.2M of Coinbase COIN Despite Price Drops

Cathie Wood (Founder and CEO at Ark Invest) continues to be bullish about Coinbase. The share price has fallen by almost 85% since its record high of $348.98 in November 2021.

Ark Invest made its third investment in two weeks and fourth since November.

A Bloomberg report from three years ago Ark Invest purchased Coinbase shares worth $56 million in November 2022.

Ark Invest COIN Purchases

The latest round saw the purchase of 162,325 COIN shares by the investment company. The company had Coinbase shares in its previous two rounds, which were January 5 and 12. These coins totalled $5.8 and $3.3 million respectively. It purchased $11.9million worth of COIN in December.

Ark Invest’s first major purchase of COIN shares was made on January 5. The stock closed at $33.53, down 11%, while it fell to $31.95. On the following day, January 6, the stock hit an all-time low, falling to $31.95. The price of COIN shares purchased on January 12 was $43.79 per share. This occurred at a time when all major crypto assets, led by BTC, were in recovery.

ARK Invest will be opening in the first week of March Made A 2030 BTC price prediction was made, which estimated that the legacy asset would be valued at $258,500, $682,000.800 and $1.48million for the bear, base rate and bull markets scenarios.

Kraken Fears Pull Down COIN

Coinbase shares fell to $81 on February 2, almost 95% in one month. This is mainly due to the SEC crackdown against Kraken, who offered “unregistered securities”, staking services, and more.

Coinbase is a prominent player in staking services. Brain Armstrong, the CEO of Coinbase, and other executives have stressed that these products are not securities. COIN closed at $59.63 on Thursday after a 14.13% drop. It had been closing the day Kraken announced that it would be shutting down its staking services to US investors. The company started at $68.51%. The week ended 22% lower than it began.

Coinbase’s Downturn Effects

Coinbase saw its workforce shrink by more than 2,000 due to the market slump. In June, 18% of 1,100 employees were laid off. On January 10, 20% or 95 employees were dismissed.

Coinbase was reportedly fined $3.6 million by De Nederlandsche Bank (DNB) on January 26th for not having registered its services in the Netherlands between November 2020 – August 2022.

Coinbase shares, which were valued at $250 each, were listed on Nasdaq’s April 14th 2021. COIN closed its inaugural day at $328, a 31% gain. The stocks trade at a mere 85% of their historic high of $348.98 right now.

By David Warsh

David Warsh is a leading expert in the field of cryptocurrency and blockchain technology. With over a decade of experience in the industry, he has a deep understanding of the intricacies of digital currencies and the potential they hold for revolutionizing various industries.