Amid Coinbase (COIN) stock tumbling about 8% on Thursday, Cathie Wood’s investment manager ARK Invest has bought the biggest amount of the stock since the start of 2023.
On March 9, ARK purchased 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known as ARKK, according to an investor notification seen by Cointelegraph. The company has also bought 52,525 COIN shares ($3 million) for its ARK Next Generation Internet ETF, referred to as ARKW.
ARK’s latest investments in Coinbase make up the largest single COIN stock acquisition in 2023 so far, accounting for roughly 30% of all COIN purchases in 2023. The amount significantly exceeds ARK’s total COIN buys in January, or just about $13 million. In February, Wood’s investment firm bagged a total $42
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