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ark investment managementFund Led by Renowned Technology Investor kathy woodBought a dip.
according For Barron’s, Ark’s exchange-traded fund (ETFs) bought approximately 421,000 – or 420,949, to be precise – of the major crypto exchanges coinbaseshares, to increase its position on the exchange to more than $21 million. This is based on the closing stock price on Tuesday.
The ETFs named in this report are Arch Innovation ETF, Arc Next Generation Internet ETFAnd ARK Fintech Innovation ETF,
The first, Ark’s flagship ETF, bought approximately 330,000 shares, while the second received 54,466 Coinbase shares and the third 36,022 respectively.
Coinbase has seen its share price drop significantly over the past week. COIN dropped 10.8% on Tuesday and 2.5% on US pre-market trading Wednesday.
Looking at UTC time on Thursday morning, it was $46.9. In the previous close, it was down 9.54% to $45.98.
coinbase informed of Net revenue of $576 million for the third quarter, according to its shareholder letter, down 28% from $803 million in Q2 2022. Its trading volume fell from $217 billion to $159 billion.
While the latest fall in stock prices comes amid the crisis surrounding the crypto exchange ftxcoinbase Told that it has “no material risk” to the collapsed company, its FTT coin, or its parent company Alameda Research,
Meanwhile, the question arises of itself: What does Ark know that the rest of us don’t? Why is it buying Coinbase stock amid the current crisis and the market downturn?
This question is particularly worth mentioning that Arch Invest Sold over 1.41m shares of COIN in July, then about $75 million. Shares of Coinbase Global lost about a fifth of their value at the time. The arc sold at a low of $53, suggesting that the firm might believe COIN could extend losses in the coming days.
To Bloomberg has been buying Coinbase shares since the beginning of Arc 2021 and was Coinbase’s third largest shareholder, holding approximately 8.95 million shares as of the end of June.
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