Yesterday, Ark Invest increased its holdings in both Coinbase and Robinhood stocks. The company sent a trade notification confirming the purchase of 47,568 shares of Coinbase for their flagship Ark Innovation ETF, while 8,031 shares were acquired by their Ark Next Generation Internet ETF. Additionally, the latter fund saw 1.06 million shares of Robinhood purchased. Shares of Coinbase closed at $61.89 yesterday, while Robinhood dropped 3% to finish the day at $9.42.
Ark Invest keeps investing in Coinbase stock
On March 7, ARK demonstrated its unwavering commitment to the crypto space by purchasing 47,568 shares of Coinbase. This boosts its existing 6 million shares in the ARKK exchange-traded fund (ETF) since the beginning of the month and marks the third purchase this week. Yet, despite these investments, Coinbase’s stock has decreased significantly in the last month, falling by nearly 30% from $87.50 to its current value of $61.69—according to TradingView.
ARK and CEO Cathie Wood have maintained a bullish attitude toward crypto, even during the 2022 bear market, which has seen Silvergate draw fresh scrutiny. The company recently expressed excitement at Coinbase’s announcement of its Ethereum Layer-2 network, Base, in their weekly newsletter on February 27, believing it aligned with public blockchains’ goals of offering fair, transparent, and accessible financial services. In addition, ARK argued that Coinbase would benefit financially if its Wallet acts as a trustworthy gateway to the network’s applications as it grows.
