Ark Invest, led by well-known investor Cathie Wood, has made a significant investment in the cryptocurrency industry. The company added 162,325 Coinbase shares, worth $9,267,134.25, and 263,504 Robinhood shares, worth $2,629,769.92, to its portfolio on Friday.
A History of Investment in Coinbase
News of the purchases came via a trade notification email, showing that Ark Invest has been an active player in the market. As a well-documented buyer of Coinbase stock, the company has a history of investing in the cryptocurrency exchange. Despite being relatively quiet in recent weeks, Ark Invest saw an opportunity in the recent dip in Coinbase’s stock price, which was driven by concerns over potential regulations on crypto staking.
Despite being a darling of the pandemic-era investment surge, Ark Invest has faced challenges in the post-Covid market. Many of the stocks it owns, including investments in Coinbase and the Grayscale Bitcoin Trust, have hit lows in recent months, weighing heavy on its portfolio. However, the company continues to show a strong commitment to the future of the cryptocurrency market and has made significant investments in both Coinbase and Robinhood.