Ark Invest Continues Buying into Coinbase Despite Market Challenges
Ark Invest, led by Cathie Wood, has continued to invest in Coinbase despite recent market challenges.
In its latest trade filing, the firm added approximately $6.7 million worth of Coinbase shares to its Ark Innovation ETF and Ark Next Generation Internet funds.
This comes after purchasing over $15 million worth of shares in the past two days, despite the dwindling price and regulatory risks associated with the cryptocurrency exchange.
Shares in Coinbase closed at $56.40 on Monday, down 1.2%.
The exchange faces potential headwinds due to regulatory risk and a lack of retail investors returning to the platform.
READ MORE: Trader Warns Bitcoin Holders of Potential Reversal
Coinbase is set to release its Q4 earnings next week, which are expected to show a significant year-on-year decline in trading volumes and monthly transacting users.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
