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Cathie Wood's ARK Adds $12.1M to Coinbase Shares Amid Turbulent Markets

Published on

January 11, 2023
Read Time:2 Minute, 0 Second

Amid the chaos within the FTX and crypto markets, Ark Investments, led by Cathie Wooden, has elevated its coinbase (COIN) Holdings with a to buy of 237,675 COIN shares valued at roughly $12.1 million on November ninth.

Out of the 237,675 COIN shares, Ark Funding Administration has added 207,527 shares to its ARK Innovation ETF (ARKK), 22,416 shares in his ARK Subsequent Technology Web ETF (ARKW)and one other 7,732 shares in his ARK Fintech Innovation ETF (ARKF).

The acquisition of the tech-focused funding agency got here after Coinbase specified in response to FTX's liquidity disaster that with simply $15 million on deposit it's "minimal" to the now-ailing cryptocurrency buying and selling platform to "facilitate enterprise operations and buyer buying and selling."

Coinbase additionally added that it has no publicity to FTX's native token FTT - which is down 84.08% since Binance introduced its determination to liquidate its total FTT holdings late on Nov. 7 - and its partner- Buying and selling firm Alameda Analysis.

Wooden's buy on Nov. 9 adopted a ten.84% ​​decline in COIN's share value on Nov. 8 in an anticipated consequence following the FTX controversy, according to to Owen Lau, fairness analyst at funding financial institution Oppenheimer:

“Whereas COIN has minimal publicity to FTX, strain on crypto costs will seemingly weigh on COIN earlier than there's sufficient proof that the danger of contagion is contained.”

It was additionally the funding agency's first commerce for Coinbase because it bought over 1.4 million shares of COIN -- valued at $75 million on the time -- by means of ARKK, ARKF, and ARKW on July 26, 2022.

The large sell-off got here in response to the US Securities Trade Fee (SEC) conducting an investigation into allegations that Coinbase was concerned in insider buying and selling of unregistered securities.

Associated: Breaking: Google faucets Coinbase to deliver crypto funds to cloud companies

Nonetheless, Wooden's latest shopping for spree has introduced the corporate's COIN shares again to 7.625 million, down about one million shares from the height of 8.675 million recorded on July 20, 2022. according to on knowledge from Cathie's Ark.

Coinbase now has the Eleventh-largest holding in Ark's flagship mutual fund, ARKK, which now accounts for 3.79% of the portfolio.

cash warehouse jumped 10.74% on Thursday, taking its share value to $50.92, in response to Yahoo Finance.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 11, 2023
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