Despite the crypto market facing a huge wave of panic, ARK of Cathie Wood wants to buy Coinbase stock this year. Despite Coinbase’s recent results, the investments of Cathie Wood is still going in Coinbase’s accounts. On 9th March, Ark bought more than 300K shares of Coinbase for the exchange-traded funds of ARK Innovations. The company bought 52.5K shares for the Next Generation Internet ETF for ARK.
The newest investments comprise the biggest single stock acquisition of coinbase this year. This accounts to almost 30% of all the purchases this year. This amount has grown significantly to exceed the total stock buys of the firm is around thirteen million USD in January alone. Cathie wood’s firm got forty-two million USD worth of this stock in February.
Adding to the firm ARK has been buying the Robinhood stocks too. On 9th March, this company bought 265K shares of Robinhood. This purchase came just after ARK packed the same amount of Robinhood shares buying 268K and 219K on 8th and 6th March.
Cathie Wood Buys COinbase Shares Despite Volatile Market:
The News comes despite the reports saying ARK got more than 70% of the 310mn USD feesas the prices reached all time high in 2021 February. The new stock purchase of the firm affirms that the bullish behavior of the company towards the crypto market.
Cathie Wood is the biggest bulls of crypto market who still believes in the capacity of Bitcoin. The recent bullish investment came even though the market is getting another wave of panic because of the Silvergate issue On 10th March, Bitcoin dipped down to 20K for the first time since last Jan.
