Cathie Wood, Founder and CEO of Ark Invest, continues to be bullish on Coinbase, whose share price is down by nearly 85% from its all-time high of 8.98 on November 12, 2021. Making the third investment in two months and fourth since November, Ark Invest acquired .2 million worth of COIN shares on Friday, media reports asserted. A Bloomberg report from three months ago said Ark Invest made million worth of Coinbase shares in November 2022 alone. Ark Invest’s COIN Purchases In the latest round, the investment firm bought 162,325 COIN shares. In the previous two, on January 5 and January 12, the company accumulated Coinbase shares worth .8 million and .3 million, respectively. In December, it purchased .9 million worth of COIN. On January 5, the day Ark
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Cathie Wood, Founder and CEO of Ark Invest, continues to be bullish on Coinbase, whose share price is down by nearly 85% from its all-time high of $348.98 on November 12, 2021.
Making the third investment in two months and fourth since November, Ark Invest acquired $9.2 million worth of COIN shares on Friday, media reports asserted.
A Bloomberg report from three months ago said Ark Invest made $56 million worth of Coinbase shares in November 2022 alone.
Ark Invest’s COIN Purchases
In the latest round, the investment firm bought 162,325 COIN shares. In the previous two, on January 5 and January 12, the company accumulated Coinbase shares worth $5.8 million and $3.3 million, respectively. In December, it purchased $11.9 million worth of COIN.
On January 5, the day Ark Invest made its first major purchase of COIN shares this year, the stock closed the day 11% down at $33.53, while the next day, January 6, it hit an all-time low of $31.95, hinting Ark Invest’s timing could not have been better than this. The January 12 purchase of COIN shares was made at $43.79 per share, and it came at a time when all major crypto assets led by BTC were on a recovery path.
Early this month, ARK Invest made a 2030 BTC price prediction, which pegged the legacy asset at $258,500, $682,800, and $1.48 million for the bear market, base rate, and bull market scenarios.
Kraken Fears Pull Down COIN
After rising to $81 on February 2, nearly 95% in a month, Coinbase shares are once again on a downward spiral, particularly following the SEC crackdown on Kraken for offering “unregistered securities” in the form of staking services.
Coinbase is a major player in staking services, and over the past week, its CEO, Brain Armstrong, and other executives have been at pains stressing that the products are not securities. Marking a 14.13% fall, COIN closed Thursday, the day Kraken announced shutting down of its staking services for US investors, at $59.63 after starting at $68.51%. It closed the week roughly 22% down.
Downturn Impacts on Coinbase
Hit by the market downturn, Coinbase reduced its headcount by over 2,000 since June 2022. The first round of layoffs came in June when 18% or 1,100 employees were fired, while on January 10, 20% or 950 employees were dismissed.
On January 26, De Nederlandsche Bank (DNB), the central bank of the Netherlands, reportedly fined Coinbase $3.6 million for failing to register its services in the country between November 2020 and August 2022.
Priced at $250, Coinbase’s shares were listed on Nasdaq on April 14, 2021. Making a gain of over 31%, COIN closed the inaugural day at over $328. Right now, the stocks are trading nearly 85% below their all time high of $348.98.