As a seasoned crypto investor with a keen eye for market trends and an appreciation for strategic moves by industry titans like Cathie Wood, I find Ark Invest’s recent purchase of Coinbase stocks intriguing. Having closely followed Ark Invest’s moves since their initial investment during the Coinbase IPO times, I can attest to their shrewd approach in navigating the volatile crypto market.
Ark Investments, led by Cathie Wood, recently capitalized on the drop in Coinbase stock prices to approximately $150 on Wednesday, by making a new investment. This move came after crypto stocks saw a decline during early trading hours on Wednesday, following the Trump-Harris debate the previous day.
Ark Invest Buys 53708 Coinbase Stock
According to a report filed by Ark Investments, they acquired approximately 53,708 shares of Coinbase stock, valued at over $8 million, on September 11th. This investment was made through three distinct Ark ETFs, with the ARK Innovation ETF (ARKK) buying 38,475 of those shares.
Conversely, the ARK Next Generation Internet ETF (ARKW) acquired 9,349 shares of Coinbase, while the Ark Fintech Innovation ETF (ARKF) bought 5,884 shares of the same company.
On September 11th, Cathie Wood and Ark Invest made trades as follows:
— Ark Invest Daily (@ArkkDaily) September 12, 2024
As a researcher, I’ve been closely tracking the market and have held a substantial portion of Coinbase stock since its initial public offering. In the year 2023, we witnessed an unprecedented surge in the stock’s value. Consequently, as a prudent asset manager, I’ve chosen to liquidate some of our COIN holdings around the $250 price point for strategic profit-taking purposes.
Following a significant decline of more than 40% from its peak of $265 in July, Ark Invest is now looking for new investment possibilities with their latest buy. On Wednesday morning, the COIN stock dipped to $150, but ended the day at $157.15.
Previously, the COIN share experienced a period of decline as well, due to Judge Katherine Polk Failla ruling in favor of the regulatory body in the on-going legal battle between Coinbase and the Securities and Exchange Commission (SEC).
Over the past week, Barclays, a prominent British banking institution, changed its recommendation for COIN stock from ‘underweight’ to ‘equal weight.’ The financial titan suggested that Coinbase could gain advantage from a favorable regulatory climate, as both major presidential candidates have expressed supportive views towards the digital asset sector. Additionally, they mentioned that the greenlighting of various spot crypto exchange-traded funds (ETFs) may strengthen the company’s position.
On a new note, Coinbase restarted transactions involving the Polygon POL token on Wednesday, following its recent shift away from MATIC.
Paul Grewal Slams FDIC
Earlier, the cryptocurrency exchange sought the court’s permission to disclose crucial documents concerning the ongoing case. Recently, Coinbase’s top legal executive, Paul Grewal, voiced his criticism towards the Federal Deposit Insurance Corporation (FDIC) for withholding vital correspondences.
Additionally, Grewal pointed out that the agency’s explanation was an effort to conceal the methods used to persuade banks into severing relationships with cryptocurrency companies. According to him, the FDIC fears that disclosing this information might expose too much about their own operations.
They argue that they reveal too many specifics about the methods used to persuade banks to stop dealing with cryptocurrency.
— paulgrewal.eth (@iampaulgrewal) September 12, 2024
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2024-09-12 12:56