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ARK Invest makes $13.2m bet on Coinbase, is this the sign of a crypto market comeback?

TL;DR Breakdown

ARK has added Coinbase (COIN) shares worth $13.2 million to its portfolio.
Before the recent purchase, Cathie Wood’s ARK Innovation ETF (ARKK) also made the single biggest COIN order of 181,972 shares ($11.4 million).

Investment manager ARK has added a substantial amount of Coinbase (COIN) shares to its portfolio, worth around $13.2 million in total. Cathie Wood’s ARK Innovation ETF (ARKK) purchased 181,972 shares ($11.4 million), which is the single biggest COIN order of the year and more than double last week’s purchase of 162,325 shares.

Furthermore, 31,547 COIN shares were added to ARK’s Next Generation Internet ETF (ARKW). Despite Coinbase’s Q4 earnings report on Tuesday beating expectations, COIN stock dipped slightly on Wednesday, closing at $61.18—down 1.43%. After a dismal year in 2020 which saw the value drop by 86%, the stock has been on a bullish trend this year, more than doubling in value from $34 to $81 in January before pulling back.

At the time of writing, COIN shares are up 2.90% at $62.68 in pre-market trading

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.