ARK Invest’s Cathie Wood Adds Another $5 Million to Coinbase Shares

The flagship ARK Invest fund called Ark Innovation ETF (ARKF) acquired 158,000 Coinbase shares for about $5 million.

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The move by the management company came as Coinbase’s shares hit the crypto exchange’s historic low of $31.83. By the close on December 29, the shares rose 6.9%, to $34.78.

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Since the start of the year Coinbase have fallen 86%.

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

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On December 8, the executive suggested that, amid the crypto winter the exchange’s annual revenues would be halved relative to 2021.

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Coinbase’s net loss in the third quarter of 2022 amounted to $545 million versus $1.1 billion in the previous period.

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

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