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Ark Invest Purchases 997 Bitcoin in $80 Million Coinbase Transaction
Ark Invest has made a significant investment in the cryptocurrency market by acquiring 997 Bitcoin worth approximately $80 million through Coinbase. This transaction represents another demonstration of the firm’s commitment to digital assets, despite recent challenges in the crypto space.
The acquisition of this large quantity of Bitcoin adds to Ark’s existing holdings and reinforces its confidence in the long-term prospects of cryptocurrencies like Bitcoin. The purchase is part of Ark’s broader strategy to balance its portfolio between direct cryptocurrency investments and stakes in companies operating within the cryptocurrency ecosystem.
Recent market performance has been challenging for fintech stocks, with Coinbase shares also struggling, falling 7.45% to $36.02 on Thursday. This represents an 8.6% decline since the start of the year. The investment firm’s continued support for Coinbase shows its confidence in the company’s business prospects.
Ark Invest’s approach is twofold: direct cryptocurrency investments and stakes in companies operating within the ecosystem.
Source: https://coincentral.com/ark-invest-purchases-997-bitcoin-in-80-million-coinbase-transaction/
