Ark Investment suddenly collected more COINS shares after accepting to cut losses because of the SEC
The Ark Investment Fund continues to "collect" more Coinbase shares of COIN, making COIN the third largest allocation in the fund's portfolio.
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ARK's Fintech Innovation Fund (ARKF) has just purchased another 10,880 COIN shares of leading US exchange Coinbase, bringing its COIN holdings to $60.5 million, equivalent to about 8% of the company's investment rate. fund.
This is considered a rather surprising move on the part of Ark Investment, because Ark Investment sold more than 1.4 million COIN on July 27, accepting a "stop loss" with a total loss divided by 6 times, when each "collected" COIN shares very strongly in April 2021 to nearly 400 million USD, the average buying price is about 330 USD/share. Explaining this action, Ark Investment CEO Cathie Wood admitted to "cutting loss" on COIN shares because of the psychological impact of the SEC.
However, with Coinbase's extremely active developments in recent times, especially the relationships that promote crypto into the traditional financial world such as partnering with BlackRock to provide crypto trading for home owners. institutional investment and shaking hands with Google Cloud to support crypto payments, perhaps this is the main motivation that makes Ark Investment believe that COIN will "revive" stronger than before, which has continuously bottomed in the period. Coinbase's business has gone down drastically since the beginning of 2022.
During a recent appearance on Peter McCormack's "What Bitcoin Did" podcast, Cathie Wood revealed she bought $100,000 worth of Bitcoin when BTC was trading at $250 and hasn't sold since. If this is true, the total value of BTC holding personally by the CEO of Ark Investment up to now is about $ 7.6 million.
FoxCryptoNews summary
Oct 25, 2022
