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Coinbase (COIN) Stock Rally As Cathie Wood’s Ark Invest Continues Buying Spree In March

Ark Invest, an investment management firm led by Cathie Wood, has added more COINBASE stock to its portfolio of funds, continuing its buying spree in March after massive purchases in February. Coinbase (COIN) shares look attractive after it launched Base, an Ethereum Layer-2 blockchain, and acquired One River Digital Asset Management.

On March 2, Ark Invest purchased a total of 36,492 Coinbase (COIN) shares as the price dipped near $58 again. Cathie Wood’s Ark Invest purchased 31,348 Coinbase stocks for its ARK Innovation ETF (ARKK) and 5,144 Coinbase stocks for ARK Next Generation Internet ETF (ARKW), according to transactions seen by CoinGape.

On March 3, Ark Invest buys a total of 119,543 Coinbase (COIN) shares as the firm acquired One River Digital Asset Management. Cathie Wood’s Ark Invest purchased 103,148 Coinbase shares for its ARK Innovation ETF (ARKK) and 16,395 Coinbase shares for ARK Next Generation Internet ETF (ARKW).

This comes after massive purchases in February amid renewed interest in Coinbase. Ark Invest purchased a total of 722,942 Coinbase (COIN) stocks in February. Cathie Wood’s funds are again rising this month after performing significantly better in January.

Recently, Cathie Wood reiterated her bullish stance on BitcoinEthereum, saying both top cryptocurrencies are “on the right track.” She is also confident about a rebound in Tesla (TSLA) stock, while there’s no purchase of shares in February.

Coinbase (COIN) stock price rallied 8% this week, hitting a high of $66.69. The COIN price ended 1.27% higher at $64.51 on Friday. Meanwhile, the COIN price is trading at $64 in the after-market hours.

Also Read: FTX News: US DOJ Proposes Bail Restrictions For Sam Bankman-Fried

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 3/4/2023

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