Ark Invest Buys $9.2M of Coinbase’s COIN Amid Price Drops
After the SEC-Kraken settlement, Coinbase shares fell.
Ark Invest founder and CEO Cathie Wood is enthusiastic about Coinbase, whose share price is down over 85% from its November 12, 2021 high of $348.98.
Ark Invest bought $9.2 million in COIN shares on Friday, media reported.
Ark Invest sold $56 million in Coinbase shares in November 2022, from three months earlier.
Ark Invest Buys COIN
The investment business acquired 162,325 COIN shares. On January 5 and 12, the business bought $5.8 million and $3.3 million Coinbase shares. COIN cost $11.9 million in December.
Ark Invest made its first large acquisition of COIN shares this year on January 5, when the price closed 11% down at $33.53. The next day, January 6, it hit an all-time low of $31.95, suggesting Ark Invest’s timing was perfect. At $43.79 a share, COIN shares were bought on January 12 when all major crypto assets, led by BTC, were recovering.
ARK Invest predicted a 2030 BTC price of $258,500, $682,800, and $1.48 million for bear, base rate, and bull market scenarios earlier this month.
Fears Sink COIN
After rising to $81 on February 2, nearly 95% in a month, Coinbase shares are falling again, especially after the SEC cracked down on Kraken for offering “unregistered securities” in staking services.
Over the last week, Coinbase CEO Brain Armstrong and other officials have stressed that staking services are not securities. After beginning at $68.51%, COIN finished Thursday at $59.63, down 14.13%. It fell 22% last week.
Coinbase Downturn
Since June 2022, Coinbase cut approximately 2,000 jobs due to market turmoil. 18% or 1,100 people were laid off in June, followed by 20% or 950 on January 10.
The Dutch central bank, De Nederlandsche Bank (DNB), fined Coinbase $3.6 million on January 26 for failing to register its services between November 2020 and August 2022.
On April 14, 2021, Nasdaq listed $250 Coinbase shares. COIN finished the first day at $328, up 31%. The equities are over 85% below their $348.98 peak.
