Hedge fund manager ARK has purchased $13 million worth of Coinbase ($COIN) shares today. The Cathie Wood-managed firm has made its highest single purchase of Coinbase’s claims so far this year with the recent acquisition.
The purchase was disclosed in an investor email on Thursday. ARK’s acquisition equivalent of the money spent is 181,972 shares of the crypto exchange. The investment manager also acquired 31,547 of Coinbase’s Next Generation Internet ETF (ARKW).
ARK Continues Coinbase Acquisition Spree
Wood’s admiration for the American largest exchange has never been in doubt. ARK has already purchased Coinbase’s shares this month, investing $9.2 million in the process.
ARK also purchased Coinbase’s shares twice in January. It spent $5.77 million to acquire 172,276 Coinbase shares on January 5. ARK then spent another $3.275 million to acquire 74,792 shares from the U.S.-based crypto exchange on January 11.
The massive investment in the ARKK project yielded enormous profits for the investment manager in January, producing a 28% increment. February, however, has not been a great month for the lending product as a broader market capitulation caused a price dip to around $39. The ARKK’s asset is valued at $40.25 at the time of writing.
With the recent purchase, Coinbase’s shares now weigh 5.06% in ARK’s portfolio. The market value of the exchange’s shares in ARK’s possession now stands at over $377 million.
Coinbase Shows Prospect
Amidst uncertainties in the crypto market coupled with the Securities and Exchange Commission (SEC)’s double down on digital assets, Coinbase has continued to thrive well. The exchange’s shares rallied earlier in January to $81 before a pullback this month.
$COIN is currently trading above $62 as of the time of writing, which is almost double its value at the start of the year. Its recent Q4 reports caused a 7% uptrend before the Federal Reserves System’s inflation concerns caused a general market downtrend.
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