- Their quotes dropped significantly yesterday
- This, as usual, was taken advantage of by ARK Invest
- They spent over $20 million on purchases
According to CathieSark, ARK Invest Group funds bought another 419,324 Coinbase shares worth $21.64 million yesterday. The timing was perfect – on June 6 the quotations of these securities fell by 12%.. And this morning at the premarket, the stock was up 2%.
Kathy Wood’s companies currently own Coinbase securities totaling $647 million. The average purchase price is estimated to be between $243 and $254. This suggests that ARK Invest funds bought shares at different prices and regularly. Cult businesswoman Katie Wood has chosen a long-term investment strategy in Armstrong’s company.
Coinbase is the largest U.S. cryptocurrency exchange. The company went public in April 2021, and since then its shares have been traded on the NASDAQ stock exchange. This was an important development for the cryptocurrency market.
Kathy Wood’s new investment in Coinbase again underscores her belief in the long-term success of the platform.. As well as optimism about the prospects of the industry as a whole. Cathy Wood has previously said repeatedly that blockchain technology will revolutionize various areas of finance and life.
The shares of Coinbase and MicroStrategy fell hard yesterday. At first the reason was the claim of SEC against Binance. And by the evening there was news that the Commission sued Coinbase itself. However, after a short panic, the market calmed down and “digested” the new realities. Bitcoin and almost all altcoins started the morning with growth.