Ark Invest buys $14m in Coinbase stock despite crypto dip

Cathie Wood’s Ark Invest added more Coinbase shares as the entire crypto-related market continued its downturn. 

Ark Invest acquired 64,358 shares of Coinbase for a total of $13,994,646, according to Investing.com.

Ark has been steadily increasing its Coinbase holdings, investing a total of $28.2 million over the past three weeks. The firm’s flagship ARKK fund now holds Coinbase as its third-largest asset, while ARKF ranks it as its second-largest.

In February, ARK Invest purchased 41,032 shares of Coinbase worth $9.3 million as tech stocks and Bitcoin (BTC) declined. The move came two months after the firm sold $4.3 million in Coinbase shares in December.

Cathie Wood had previously predicted that Bitcoin could reach $1 million by 2030, citing its fixed 21 million supply cap. She pointed to growing institutional demand and Bitcoin’s scarcity as key factors driving its value.

The recent decline in crypto stocks saw MicroStrategy drop 16.7% and Marathon Digital fall 16.3%. Bitcoin itself slid 7.6%, dragging the broader market down.

At the time of writing, Coinbase was trading at $179.23 share in premarket trading, up 3%.