Ark Invest adds another $13 million worth of COIN stock
Ark Invest, Kathy Wood, has made another major purchase of COIN, this time for more than $13 million. This month alone, Wood's fund added more than $30 million in COIN stock.
Ark added 181,972 shares of Coinbase to its Ark Innovation ETF and 31,547 shares to Ark Next Generation Internet, according to the latest trading documents. Shares of the cryptocurrency exchange closed down 1.4 percent to about $61 on Wednesday. Based on the closing price, Ark's last purchase was worth just over $13 million.
Wood bought more than $21 million worth of stock last month, even though COIN has fallen about 6.8% since the beginning of February and regulatory hurdles for the exchange are mounting.
COIN was up 1.3% early in the session, trading around $62 by 7:30 a.m. EST, according to TradingView.
Coinbase's fourth-quarter revenue beat estimates Tuesday, analysts said. USDC interest income for the quarter was $146 million, up more than 100 percent from the previous quarter, even though annual revenue was 57 percent lower than 2021.
