Cathy Wood’s ARK Invest couple 158,000 shares of Coinbase (COIN) worth $5 million to its ARK Fintech Innovation Exchange-Traded Fund (ETF), (ARKF). With this, Arc Invest has significantly increased their COIN holdings, which comprised 3.39 percent of their portfolio as of December 13, despite an 86 percent drop in the exchange’s share price this year.
ARK buys more COIN
ARK Invest, a fintech and investment management firm focused on disruptive innovation and investment solutions with long-term growth potential, seems to be accumulating COIN as the stock comes under heavy pressure.
ARK Invest is doubling down on COIN after a few weeks, according to sources close to the matter buy $3.2 million worth of stock.
2022 has been a tough one for the entire cryptoverse, as various heists, rig pulls and frauds such as the FTX scandal have made it one of the worst seasons in Web3 history. Since hitting new all-time highs of around $70k in late 2021, bitcoin (B T c) The price continued to decline, having lost over 70 percent of its gains.
Altcoins and other crypto-focused businesses have not been spared either. However, some observers believe that the bear market could have been fair without events such as the recession. do quonterra collapse of and Sam Bankman-FriedThe FTX debacle.
Coinbase, which is already remove Several coins, including Bitcoin Cash (BCH), XRP, and Stellar (XLM), remain among the heavily affected crypto ramps up, citing low trading activity.
as Reported By crypto.news Last month, Nassim Taleb, a Lebanese-American essayist, mathematical statistician and author of “Black Swan”, described Coinbase as “useless”, pointing to the free-falling valuation of COIN.
Earlier this month, Brian Armstrong, CEO of Coinbase, indicated that he anticipates a drop of more than half in the firm’s revenue for the 2022 fiscal year, due to the volatile market conditions many crypto funds have seen. , including Three Arrows Capital, and CeFi Lending Platform. Like Celsius and Voyager file for bankruptcy.
It is worth noting that ARK Invest is not the only company that has kept its faith in crypto despite the bearish market.
On 28 December, reports It emerged that Michael Saylor’s Microstrategy had added an additional 2,500 BTC to its reserves at an average price of $17,871 per coin.
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