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ARK Invest, a prominent investment firm led by Cathie Wood, has made significant moves in the market by purchasing $47 million worth of stock in both Coinbase and BitMine. This substantial buy-in comes as a response to the recent market downturn driven by weak jobs data.
According to reports, ARK Invest acquired $30 million in shares of Coinbase, followed by an additional $17 million in shares of BitMine. This strategic move indicates that ARK is betting on the long-term potential of both companies despite current market volatility.
The Coinbase purchase marks a significant shift from ARK’s previous selling spree earlier in the week. On Monday, ARK sold approximately $7 million worth of Coinbase shares. However, this latest buy-in highlights the firm’s confidence in Coinbase’s ability to weather the current market conditions.
The BitMine acquisition is particularly noteworthy as the company has been making an aggressive pivot into Ethereum holdings. This move further solidifies ARK’s commitment to the cryptocurrency space and its belief in the long-term potential of both companies.
Despite this, it remains uncertain how this latest investment will affect Coinbase and BitMine’s stock performance moving forward. Nevertheless, the market seems to be responding positively, with Coinbase stock currently up 13.3% since Friday’s closing price.
The $20 billion asset manager has had an impressive track record in its cryptocurrency-related investments, particularly with the success of its Ethereum-focused ETFs.
Source: coincentral.com
