Cathie Wood‘s popular investment fund continues to accumulate Coinbase (COIN) stock.
Ark Invest is relentless in its interest in Coinbase and is replenishing the ARKK fund’s coffers with COIN shares.
Buying shares of Coinbase (COIN) stock
Cathie Wood, the longtime Bitcoin holder at the helm of Ark Invest, continues to grow its position in Coinbase.
With a purchase of about $20 million worth of Coinbase (COIN) shares since the beginning of the year to date, destined for the ARKK fund, Cathie Wood shows how much she believes in the platform.
Ark Invest, places as many as 162,325 Coinbase shares in the drawer according to a leaked email from an insider.
In the latest tranche of purchases $9.26 million) the shares were split between ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW).
ARKK ended up with 139,105 while another 23,220 shares have topped up Ark’s fund coffers by $19.73 million since January.
The purchases by the investment company took place between the 5th of last month and 11 January.
COIN touched a high of $81.60 early in the month but fell 22% last week ($57.09 Friday).
ARKK and Coinbase (COIN) shares
ARKK forms the flagship of Ark Invest and targets long-term returns focused on innovation.
COIN within the fund shares 4.62% according to leaked information from the company.
ARKW is another fund of Ark Invest that targets web products, cloud computing, AI and e-commerce.
ARKF, unlike ARKW, focuses instead on financial, technology companies and like ARKK holds part of Coinbase shares.
The ARKK fund in January delivered an outstanding +28% performance marking the highest since 2014.
In the past two weeks, ARKK has held its own thanks to the outstanding performance of Tesla shares.
Tesla accounts for just over 10% of the fund’s shares and they have enjoyed a +60% performance following the quarterlies.
The staking factor
The US Securities and Exchange Commission has issued a $30 million fine to Kraken.
Crypto exchange offered staking services that the regulator said were not in compliance with the law.
The fine marks a watershed in crypto platforms that will now have to comply or fight the SEC’s will.
Brian Armstrong, CEO of Coinbase said he wants to fight against this action by the SEC so he can protect the staking activity.
“So, is the business shifting to offshore trading or to self-custody, self-sovereignty, and self-control? Decentralization wins. Given regulatory arbitrage, however, US trading loses to foreign trading, not so good for US competitiveness in crypto revolutions.”
Said Cathie Wood on the blue bird social network.
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