- Yesterday, ARK Invest units bought $8.4 million worth of securities
- This is at least the 5th round of such investments since the beginning of the year
The well-known American investment company ARK Invest is stocking up on COIN stock again. Yesterday, Ark Innovation bought 129,604 securities worth about $6.4 million.
The Ark Next Generation Internet ETF division added 23,456 shares to its portfolio, with another 15,809 securities acquired by the Fintech Innovation ETF.
The purchases totaled about $8.4 million. Coinbase stock is currently trading at just above $50. They are up nearly 50% since the beginning of the year.
Buying history of ARK Invest
The investment giant has been actively buying Coinabse shares since the beginning of the year. In January, Wood’s Ark acquired securities for $10.47 million, and in February for another $16 million..
Then came March, when Ark Invest sold and then suddenly bought back shares of Coinbase. They were also active last week, with new COIN purchases totaling $8.6 million.
Ark now owns over 10 million shares worth over $585 million.. They are spread across three funds – Ark Innovation, Ark Next Generation Internet and Ark Fintech Innovation.
The logic of investing in Coinbase
The COIN stocks are among the hardest hit in this bear market. They are down about 84% from the ATN level of $357.59.
With Coinbase being one of the most legitimate and trusted centralized crypto exchanges in the United States.
It is a public company and is listed on the stock exchange. Therefore, the risk of brand bankruptcy is minimal.