Cathie Wood’s Ark Invest Purchases 14,626 Coinbase Stocks: Details
Cathie Wood, CEO Ark Invest, continues to buy stocks of cryptocurrency exchange Coinbase despite regulatory uncertainty.
Ark Invest bought 14,636 Coinbase (COIN), stocks on February 14 as Coinbase’s stock prices fell below $58. According to CoinGape transactions, Cathie Wood’s Ark Invest bought 11,778 Coinbase stocks in ARK Innovation ETF and 2,848 Coinbase stock for ARK Next Generation Internet Exchange ETF.
Ark Invest began buying Coinbase shares in October. Ark Invest bought 628,164 Coinbase shares in 10 transactions in December after the price dropped to $31.55 due to the collapse of FTX.
Cathie Wood is still bullish on cryptocurrencies, particularly Bitcoin. Ark Invest founder Wood stated that Bitcoin could reach $1 million by 2030.
After a dramatic rally in stock prices during the recovery of the crypto market, Coinbase (COIN), reached an $81.46 high on February 2. Cathie Wood’s Ark Invest purchased COIN stocks again in February amid the U.S. SEC’s regulatory action against crypto staking, and Paxos’ BUSD offering.
Ark Invest purchased 162,325 COIN shares and 118,698 CoIN shares on February 10. The COIN stock price increased by more than 4% to $59.03 on Tuesday. Pre-market hours, the price is up 2.15% to $60.30
Cathie Wood reiterated her bullish position on Bitcoin and predicted that the price of Bitcoin will reach $1 million by 2030. She believes that Bitcoin can help countries in trouble with inflation, much like an insurance policy.
Cathie Wood also strongly believes that Bitcoin’s price will rebound due to the U.S. Fed pivot and cooling inflation.
BTC is currently trading at $22.7K after hitting a high point of $22,816 within the last 24 hours.
Also read: Is this the best time to invest or buy Bitcoin? Here’s what analysts predict
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