• Ark Invest purchased $20.5 million worth of Coinbase shares on Thursday.
• Cathie Wood’s investment firm has remained bullish on the stock despite the 7% drop since March.
• In February, Ark Invest purchased $30 million worth of Coinbase shares.
Ark Invest Adds $20.5M in Coinbase Shares
Ark Invest, led by Cathie Wood, has added 301,347 Coinbase shares to its funds on Thursday for a total value of $20.5 million. This comes shortly after purchasing more Coinbase shares in February for a total value of $30 million. Despite the 7% dip in share prices since March 10th, Wood’s fund remains bullish on the crypto exchange giant.
Silicon Valley Bank Selling Assets Affects Market Sentiment
The shockwaves caused by Silicon Valley Bank selling assets and stocks to raise funds have created a risk of prolonged interest rate increases in the US which has added to bearish market sentiment this week. Additionally, crypto-friendly bank Silvergate collapsing and other regulatory issues have also had an effect on investor confidence surrounding cryptocurrency exchanges including Coinbase Global Inc (NASDAQ:COIN).
US Government Moves BTC Worth $217 Million To Coinbase
Despite these concerns surrounding the crypto exchange sector, there are still some developments that could be seen as positive news for investors such as the US government reportedly moving BTC worth over $217 million to Coinbase recently. This could be interpreted as a vote of confidence from authorities regarding the security measures in place at this digital asset platform.
Robinhood Shares Added to Ark Next Generation Internet ETF
As well as adding more Coinbase shares to its Ark Innovation ETF and Ark Next Generation Internet ETFs on Thursday, Ark Invest also added 265,000 Robinhood shares (worth about $2.5 million) solely for its Ark Next Generation Internet fund.
Conclusion
Overall it appears that despite recent market volatility and regulatory issues concerning cryptocurrency exchanges such as Coinbase, Cathie Woods‘ Ark Invest firm is continuing to show confidence in them through continued purchases of their stocks and other related companies such as Robinhood with combined values totaling over $23 million this week alone!