ARK Invest’s Cathie Wood buys Coinbase shares worth about $3.9 million

ARK Invest’s flagship fund named Ark Innovation ETF (ARKF) приобрел 53,783 Coinbase shares, while ARK Next Generation Internet ETF (ARKW) — 9,802. In total, the structures could have spent about $3.9 million.

A day earlier, these funds bought 181,972 and 31,547 securities for about $13 million.

The move followed Coinbase financial results for the fourth quarter, which broadly met market expectations.

In the shareholder letter, the platform’s management said it had met the adjusted guidance for 2022 across all metrics, including the average annual number of active users (8.8 million).

From January to March, management expects revenue in the subscriptions and services category to rise—from $282.8 million to $300–350 million. It includes the staking service staking, which brought in $62.4 million. Last year the company earned $275.5 million from this revenue.

Earlier, the exchange’s CEO Brian Armstrong said that staking services on the trading platform cannot be regarded as a securities offering. He said the company is ready to defend this statement in court. The warning relates to charges SEC, brought against Kraken on February 10.

On February 23, Coinbase launched the Base L2 solution testnet on the Ethereum blockchain. It will interact with the company’s core products, including Coinbase Wallet.

On February 23, Coinbase rose 1.93%. Over the past year, the bitcoin exchange’s market capitalization has fallen by 64.7%.

In October 2022, the asset manager bought the exchange’s securities for the first time since June. In November, Ark Invest structures spent another $21.4 million on these assets, in December — $3 million and $5 million.