• Ark Invest recently purchased 301,347 Coinbase shares at a total value of $20.5 million on Thursday.
• Cathie Wood’s Ark Invest is bullish on Coinbase stock despite the price dropping by more than 10% since the beginning of March.
• The US government also recently moved BTC worth $217 million to Coinbase.
Ark Invest Purchases Coinbase Shares
Ark Invest purchased 301,347 Coinbase shares on Thursday at a total value of $20.5 million. This follows an earlier purchase of $30 million worth of Coinbase shares in February and 265,000 Robinhood shares (worth about $2.5 million) solely added to the Ark Next Generation Internet ETF. Despite the current crypto market meltdown, Cathie Wood from Ark Invest remains optimistic about Coinbase Global Inc (NASDAQ:COIN).
COIN Share Price Down 7%
On March 10th 2023, COIN share prices were going for 64.67 compared to today’s price of 58.09, indicating a 7% decrease since the beginning of March this year. The collapse of crypto-friendly bank Silvergate, shockwaves caused by Silicon Valley Bank selling assets and stocks to raise funds and risk of prolonged interest rate increases have all been factors driving down market sentiment this week which has affected COIN share prices negatively.
US Government Moves BTC Worth $217 Million To Coinbase
Despite these negative sentiments in the market, the US government recently reportedly moved BTC worth 217 million dollars to Coinbase which could be seen as a vote of confidence in the exchange platform by authorities in America and worldwide.
Silicon Valley Bank Sells Assets And Stock To Raise Funds
Silicon Valley Bank has been selling assets and stocks to raise funds as part of its strategy during this period where it seems like banks are taking precautionary measures against any potential losses due to prolonged rises in interest rates or other factors in general that might lead to economic downturns or recessions across markets worldwide including cryptocurrencies such as Bitcoin (BTC).
Conclusion
Ark Invest continues to remain bullish on Coinbase despite market conditions being less than ideal at present with crypto valuations decreasing significantly over recent days and weeks while other traditional markets remain relatively stable but still under pressure from different elements such as rising interest rates or fears regarding inflationary pressures etcetera which could cause further chaos if not managed properly by central banks or governments around the world.