Coinbase still a buy for Cathie Wood: ARK buys its biggest batch of COIN in 2023

Amid Coinbase (COIN) banal tumbling astir 8% connected Thursday, Cathie Wood’s concern manager ARK Invest has bought the biggest magnitude of the banal since the commencement of 2023.

On March 9, ARK purchased 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known arsenic ARKK, according to an capitalist notification seen by Cointelegraph. The institution has besides bought 52,525 COIN shares ($3 million) for its ARK Next Generation Internet ETF, referred to arsenic ARKW.

ARK’s latest investments successful Coinbase marque up the largest azygous COIN banal acquisition successful 2023 truthful far, accounting for astir 30% of each COIN purchases successful 2023. The magnitude importantly exceeds ARK’s full COIN buys successful January, oregon conscionable astir $13 million. In February, Wood’s concern steadfast bagged a full $42 cardinal worthy of COIN stock.

In summation to Coinbase, ARK has besides been actively buying the Robinhood (HOOD) stock. On March 9, the institution bought different 265,566 HOOD shares ($2.5 million) for its ARKK fund. The acquisition came soon aft ARK packed akin amounts of Robinhood shares, buying 268,086 HOOD ($2.5 million) and 219,883 HOOD ($2.1 million) connected March 8 and March 6, respectively.

Related: Silvergate reportedly talks with FDIC connected ways to debar shutdown

The quality comes amid reports suggesting that ARK has earned much than 70% of its $310 cardinal fees since the ARKK’s terms plummeted by 76% since its all-time precocious successful February 2021. In 2023, ARK was earning an mean of astir $230,000 successful fees a time arsenic the fund’s worth has somewhat recovered, surging from astir $30 successful aboriginal January to $37.3 successful mid-March.

ARK Innovation ETF (ARKK) humanities terms chart. Source: TradingView

The caller ARK’s COIN buys further reaffirm the company’s bullish sentiment towards the cryptocurrency manufacture and Bitcoin (BTC). Focused connected exertion innovations similar self-driving cars and genomics, ARK Invest laminitis Wood is 1 of the biggest crypto bulls successful the world, believing that Bitcoin volition deed $1 cardinal successful the not-so-distant aboriginal owed its promising imaginable arsenic a risk-on asset.

The latest bullish investments came contempt the crypto marketplace facing another question of panic owed to Silvergate crypto slope announcing plans to upwind down operations and liquidate the bank. On March 10, Bitcoin dropped beneath $20,000 for the archetypal clip since aboriginal January.