- Ark Invest purchased $20.5 million worth of Coinbase shares on Thursday
- Cathie Wood’s Ark Invest remains bullish on Coinbase despite the stock dropping by more than 10% since the beginning of March.
- Ark Invest has added 265,000 Robinhood shares and 301,437 Coinbase shares to its portfolios.
Ark Invest Purchases $20.5M in Coinbase Shares
On Thursday, Cathie Wood’s Ark Investment Management purchased 301,347 Coinbase shares valued at $20.5 million USD. The purchase came just one day after an earlier purchase of Coinbase shares totaling $30 million USD in February. Despite a market correction that has seen the price of COIN (NASDAQ:COIN) drop 7% since the start of March, Ark Investment Management remains bullish on the cryptocurrency exchange.
Additional Robinhood Shares Purchased
In addition to the 301,347 Coinbase shares, Ark also purchased 52,525 additional shares through its Next Generation Internet portfolio as well as 265,000 Robinhood shares valued at approximately $2.5 million USD through its Next Generation Internet ETF.
Crypto Market Meltdown and Accusations Against Exchanges
The current crypto market meltdown has caused skepticism amongst many investors towards crypto-related firms; however Cathie Woods‘ bullish stance on Coinbase could be seen as a vote of confidence for the exchange. Several other cryptocurrency exchanges have been accused by regulatory authorities in recent months; yet Coinbase appears to remain relatively unscathed and even gained favor with the US government which recently moved BTC worth over $200 million onto its platform.