Cathie Wood’s investment management firm Ark Invest has once again made a big purchase of Coinbase stocks after the COIN price fell below $58 on Friday. The NASDAQ-listed Coinbase price fell after the Core PCE inflation in the U.S. came in at 0.6% for January, above market estimates of 0.4%. The U.S. Federal Reserve’s preferred gauge to measure inflation rose by 4.7%, pointing to higher rate hikes in March.

On February 24, Ark Invest purchased a total of 150,192 Coinbase (COIN) shares as the price dipped to $58 again. Cathie Wood’s Ark Invest purchased 128,396 Coinbase stocks for its ARK Innovation ETF (ARKK) and 21,796 Coinbase stocks for ARK Next Generation Internet ETF (ARKW), according to transactions seen by CoinGape.

This marks a consecutive Coinbase shares buy for the third straight day. Cathie Wood’s funds purchased 213,519 on Feb 22 and 63,585 on Feb 23. The purchase on Feb 22 was the largest Coinbase stock buy of the year as the crypto exchange reported total revenue of $605 million in Q4 earnings, beating analyst estimates of $588 million.

Cathie Wood is more bullish on Coinbase after the launch of the Base Layer-2 blockchain this week. Moreover, she remains optimistic about turning losses in her funds with Coinbase shares. However, the funds have not performed better this month amid extreme crypto market and macro conditions.

Until now, Ark Invest has purchased a total of 722,942 Coinbase (COIN) stocks in February. She had also been purchasing Tesla (TSLA) shares due to her bullishness on electric vehicles.

Coinbase (COIN) stock price ended 6.29% lower at $58.44 on Friday. In the after-market hours, the COIN price is trading at 58.10, down 0.50%.

Also Read: Ethereum Shanghai Upgrade: Tron Founder Justin Sun Stakes Millions in ETH On Lido

The post Cathie Wood’s Ark Invest Adds Over 150K Coinbase Stock Amid Red Hot Inflation appeared first on CoinGape.

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Filed under: News - @ February 25, 2023 2:16 pm