Coinbase shares have taken a hit after the SEC-Kraken settlement last week that ended up with the exchange shutting down staking services for US customers.
Cathie Wood, Founder and CEO of Ark Invest, continues to be bullish on Coinbase, whose share price is down by nearly 85% from its all-time high of $348.98 on November 12, 2021.
Making the third investment in two months and fourth since November, Ark Invest acquired $9.2 million worth of COIN shares on Friday, media reports asserted.Ark Invest made $56 million worth of Coinbase shares in November 2022 alone.In the latest round, the investment firm bought 162,325 COIN shares. In the previous two, on January 5 and January 12, the company accumulated Coinbase shares worth $5.8 million and $3.3 million, respectively. In December, it purchased $11.9 million worth of COIN.
On January 5, the day Ark Invest made its first major purchase of COIN shares this year, the stock closed the day 11% down at $33.53, while the next day, January 6, it hit an all-time low of $31.95, hinting Ark Invest’s timing could not have been better than this. The January 12 purchase of COIN shares was made at $43.79 per share, and it came at a time when all major crypto assets led by BTC were on a recovery path.
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