Investment firm ARK, led by renowned investor Cathie Wood, purchased more than 350,000 Coinbase shares according to an email transaction report.
According to an emailed transaction report, investment manager ARK increased its holdings in Coinbase (COIN) on March 9 by more than it did in the entire month of January.
ARK keeps buying Coinbase stock
The firm, led by Cathie Wood, purchased a total of more than 350,000 COIN shares, consisting of 301,437 shares for its ARK Innovation ETF (ARKK) and 52,525 shares for its Next Generation Internet ETF (ARKW).
This marks the most enormous one-day buy this year, surpassing its January acquisition of 333,637 shares. The purchase was valued at $20.6 million, based on March 9 closing prices, and brings ARK’s total number of shares acquired this month to almost 566,000, over three-quarters of the amount bought in February.
However, Coinbase shares fell nearly 8% on March 9 due to the ongoing impact of the cryptocurrency-friendly bank Silvergate’s collapse, which has shaken the crypto market. Over the past 24 hours, both bitcoin (BTC) and ethereum (ETH) have dropped by over 8%.
Right now, ARK owns 9.9 million COIN shares, worth $575 million at the March 9 closing price of $58.09. With a market capitalization of just under $15.1 billion, Nasdaq reports that ARK owns 3.8% of the crypto exchange.
By increasing its holdings in Coinbase, ARK is showing confidence in the potential of the crypto market and the exchange’s ability to survive. The purchase is a clear sign of growing institutional interest in cryptocurrencies.