ARK Invest bought Coinbase dip as Bitcoin fell to multi-month lows
The post ARK Invest bought Coinbase dip as Bitcoin fell to multi-month lows appeared on BitcoinEthereumNews.com.
Asset manager ARK Invest has picked up shares of cryptocurrency exchange Coinbase as tech stocks dipped and Bitcoin fell to multi-month lows. According to the company’s latest update, it picked up 41,032 shares of Coinbase Global Inc. (COIN) valued at $9.3 million. The newest purchase comes a little over two months after the Cathie Woods-led firm offloaded $4.3 million worth of COIN stocks in late December. The buying activity transpired with the ARK Next Generation Internet exchange-traded fund, an actively managed ETF product that seeks long-term capital growth by investing primarily in domestic and foreign equity securities of companies relevant to the fund’s investment theme of next-generation Internet. ARK Invest bought the dip as Coinbase shares have struggled over the past week. As previously reported by crypto.news, COIN shares dropped over 5% after BofA Securities slashed its price target from $363 to $311, citing growing competition and pressure on revenue. Analysts warned that traditional financial firms entering the crypto space could squeeze Coinbase’s transaction revenue, which remains its primary income stream. At press time, Google Finance data indicated that COIN closed at $212.49 on Feb. 25, down 6.42% for the day and over 20% in the past week. Coinbase stocks also struggled as the crypto market faced turbulence, with billions in liquidations over $1 billion in liquidations in the past 24 hours triggered by Donald Trump’s confirmation of new tariffs on imports from Canada and Mexico, along with a 10% tariff on Chinese goods. Investors weren’t thrilled, worried that rising costs could fuel inflation and bring more economic uncertainty, pushing tech stocks and risk assets like Bitcoin lower. Bitcoin was down 3.5% on the day when writing at $88,534, levels last seen in November last year, while the total crypto market capitalization slipped 3.2% during the same period to $3.04…
Filed under: News - @ February 26, 2025 7:27 am