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ARK Makes Coinbase Buy as COIN Jumps 20% on Week
Cathie Wood has added another 33,756 shares of Coinbase to ARK’s ARKK ETF, according to an investor update.
By Sam Reynolds
Updated Jan 11, 2023, 6:01 p.m. Published Jan 11, 2023, 9:36 a.m.
Tech investor Cathie Wood has made her first purchase of the year of Coinbase (COIN) stock.
According to an investor update email, Wood added 33,756 shares of COIN to ARK’s Innovation ETF (ARKK), worth around $1.45 million based on the Jan. 10 closing price.
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The investment fund has been on something of a COIN buying spree in recent weeks. On Dec. 14, it purchased 300,000 shares at a closing-price cost of about $12 million, then on Dec. 30 it added another $5.5 million in shares to its holdings.
During the last week, COIN has begun to show some signs of recovery, along with the broader crypto market, pushing up 20% on the week, and 7.3% on the month.
During the last month bitcoin has gained 1.7%.
Analysts on Wall Street say that they are “encouraged” by Coinbase’s recent job cuts.
"This job cut is a reflection of the current challenging environment so that Coinbase can maintain a certain loss guardrail," Owen Lau, analyst at Oppenheimer said. "Unfortunately many crypto companies may not make it, but Coinbase has a strong balance sheet and could emerge stronger on the other side."
COIN is currently trading at $43.23. It was down approximately 80% during 2022, or 87% from its all-time high.
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