Coinbase takes control of the wallet – The investment fund ARK of Cathie Wood buys over 10 000 actions Coinbase (CORNER), the famous cryptocurrency platform, after shedding it in August of this year.
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A bigger bet on Coinbase
According to 13F filings with the SEC, theARK’s Fintech Innovation Fund bought 10 880 actions Coinbase. ARK is buying back COIN shares for the first time since June this year. In total, the operation will have cost 722,000 dollars, according to Decrypt.
This acquisition comes approximately two months after ARK’s Chief Investment Officer, Cathie Woodreported that the fund will sell 1.1 million COIN shares due to an SEC investigation into the crypto exchange.
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Despite the bear markets, ARK continues to invest in cryptocurrencies. Still, the crypto winter has not spared Coinbase’s finances. The company had registered more than 1 billion dollars of losses in the second quarter. However, Coinbase continued to grow during the bear market, in particular by attacking the European market.
It should also be noted, still according to Decrypt, that Ark Invest also took the opportunity to buy back Robinhood and Block shares in similar proportions.
Some investors already seem to be preparing for the return of good weather to the crypto markets. The bear market has been going on for almost a year now. Going forward, some analysts and investors expect macroeconomic conditions to change, including a US Federal Reserve (Fed) that could be less hawkish about raising interest rates.
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