Ark Invest has invested more than $20 million in COIN since January, increasing its holdings of Coinbase through two ETFs, ARKK and ARKW.
ARK Investment Management LLC (Ark Invest) is already enjoying dividends on the Coinbase (NASDAQ: COIN ) stock it bought last week. Between February 13 and 17, the investment management company bought a total of 133,321 shares of the cryptocurrency. However, reports highlight that Ark Invest bought Coinbase shares on Monday and Tuesday without trading for the rest of the week.
Shares of Coinbase rose more than 17% last Friday to close at $65.20, suggesting that Ark Invest is bullish. The Florida-based Bitcoin-loving investment management platform has now bought nearly $20 million worth of Coinbase shares since January. Ark CEO Cathie Wood appears to show no signs of giving up on COIN as the new year approaches.
On Monday, February 13th, Ark Invest purchased 102,281 shares of COIN through ARK Innovation ETF (ARKK). In addition, the crypto-friendly investment manager also bought 16,414 shares of Coinbase through the ARK Next Generation Internet ETF (ARKW). Both ARK mutual funds bought COIN on Tuesday, February 14th, with ARKK buying 11,778 shares and ARKW buying 2,848 shares.
Ark Invest had no additional COIN activity for the remaining three days of the week. Nevertheless, the investment management company ended last week with a total of 133,321 COIN shares, none of which were sold.
Between January 5 and 11, Ark Invest also bought a total of $10.47 million worth of Coinbase shares. On January 5 alone, the company acquired 172,276 COINs worth $5.77 million, and on January 11, it acquired 74,792 COINs worth $3.275 million.
Accumulation of Coinbase Shares Shows Ark Invest CEO’s Appetite for Tech Stocks Amid Economic Uncertainty
Last week, Woods doubled down on volatile tech stocks amid a rebound in Ark funds. Ark CEO previously predicted that BTC could surpass $1 million by 2030 and that Tesla (NASDAQ: TSLA ) would grow 800% by 2028. Our bull run is about double that.” In addition, Woods said:
“Tesla is one of the deepest AI companies out there. This is not a car company; is a technology company”.
He also explained:
“Electric cars have hit price parity with gas-powered cars. Now they are set to depreciate at an even faster rate than gas-powered cars can compete with.”
Woods continues to boost technology and cryptocurrency assets, drawing the ire of several other fund managers. Right now, however, Woods’ position may be justified. The reason is that Ark’s flagship Ark Innovation Fund is up 42% from a 70% decline in 2022.
In addition to buying more than half a million Tesla shares since the beginning of the year, Ark Innovation has also taken over telehealth. As of last week, the company owned $12 million worth of shares in New York-based Teladoc Health. In addition, Ark Innovation recently increased its holdings in other telehealth/biotech platforms, including Twist Bioscience (NASDAQ: TWST ) and Intellia Therapeutics (NASDAQ: NTLA ). The fund also has a significant stake in video game developer Roblox.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip cryptocurrency stories down to the bare basics so that anyone everywhere can understand without too much information. When not interested in cryptocurrency stories, Tolu enjoys music, loves to read and is a movie buff.