Cathie Wood’s Ark Invest is keen on Coinbase right now, following up last week’s purchase with another estimated $6.7 million yesterday.
Ark added 102,281 Coinbase shares to its Ark Innovation ETF and 16,414 shares to Ark Next Generation Internet, according to its latest trade filing. Shares in the crypto exchange closed down 1.2% to $56.40 Monday. Based on the price at the close, Ark’s most recent purchase cost around $6.7 million.
Wood has purchased over $15 million worth of shares in the past two days of trading, despite COIN’s dwindling price and the considerable headwinds facing the exchange.
Shares in Coinbase extended losses on Monday as the regulatory risk to staking revenue remains heightened. Last week, the exchange shed 22% as the SEC clamped down on Kraken’s staking services. Furthermore, a lack of retail investors returning to the platform could be cause for concern, according to Mizuho Analyst Ryan Coyne.
Coinbase will share its fourth-quarter earnings next week. Trading volumes and monthly transacting users are expected to be down significantly, year-on-year, according to FactSet estimates.
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