Investment firm ARK, led by renowned investor Cathie Wood, bought more than 350,000 shares of Coinbase according to an emailed transaction report.
According to an emailed transaction report, investment manager ARK increased its holdings of Coinbase (COIN) on March 9 more than it had in the entire month of January.
ARK continues to buy Coinbase shares
The firm, led by Cathie Wood, purchased a total of more than 350,000 shares of COIN, consisting of 301,437 shares for its ARK Innovation ETF (ARKK) and 52,525 shares for its Next Generation Internet (ARKW) ETF.
This marks the largest one-day purchase this year, surpassing its January acquisition of 333,637 shares. The purchase was valued at $20.6 million, based on March 9 closing prices, and brings the total number of shares purchased by ARK this month to nearly 566,000, more than three-quarters of the number purchased in February.
However, Coinbase shares fell nearly 8% on March 9 due to the ongoing impact of the collapse of crypto-friendly bank Silvergate, which has rocked the cryptocurrency market. In the last 24 hours, both bitcoin (BTC) and ethereum (ETH) have fallen more than 8%.
ARK currently owns 9.9 million shares of COIN, worth $575 million at the March 9 closing price of $58.09. With a market capitalization of just under $15.1 billion, Nasdaq reports that ARK owns 3.8% of the crypto exchange.
By increasing its holdings in Coinbase, ARK shows confidence in the potential of the crypto market and the ability of the exchange to survive. The purchase is a clear sign of growing institutional interest in cryptocurrencies.
