ARK Invest allocates another $5 million to buy Coinbase shares


ARK Invest’s flagship fund called the Ark Innovation ETF (ARKF) I bought 158,000 Coinbase shares worth ~$5M

This decision was made in the management company against the backdrop of updating the historical minimum of bitcoin exchange securities ($31.83). As a result of trading on December 29, the shares rose in price by 6.9% to $34.78.

Since the beginning of the year, Coinbase shares have depreciated by 86%.

Earlier, Coinbase CEO Brian Armstrong ruled out the impact of the FTX crash on the platform.

On December 8, the top manager admitted that against the backdrop of the crypto winter, the exchange’s revenues for the year will be halved relative to 2021.

Coinbase posted a net loss of $545 million in the third quarter of 2022, up from $1.1 billion in the previous period.

Recall that in October, ARK Invest bought Coinbase shares for the first time since June. In November, the company’s structures spent another $21.4 million for these purposes, and $3 million in December.

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