.ARKInvest's latest purchases show a bullish outlook on the cryptocurrency market, with the investment management firm stacking nearly $16 million in Coinbase stock over just two days.
On Feb. 10 and Feb. 13, Ark made its first COIN purchases since mid-January, adding significant exposure to the United States’ largest crypto exchange.
Last Friday, Ark bought 139,105 COIN shares for the ARK Innovation exchange-traded fund , according to an investor notification seen by Cointelegraph. On the same day, the asset manager also purchased 23,220 COIN shares for allocation by another fund, ARK Next Generation Internet ETF . The asset manager spent a total of $9.2 million on these Coinbase stock investments.
On Feb. 13, Ark’s ARKK and ARKW funds continued to accumulate the Coinbase stock, adding 102,281 COIN shares and 16,414 COIN shares, respectively. With COIN closing at $56.4 on Monday, the purchases cost Ark about $6.7 million. Just in two days, Ark spent nearly $16 million on the Coinbase stock, or $3.5 million more than it totally stacked in COIN shares in January. As of Feb. 14, Ark's monthly COIN purchases amount to 280,000 shares, while in January Ark bought more than 330,000 COIN shares.Related:
The latest purchases come amid Ark Invest CEO and chief investment officer Wood continuing to express a bullish outlook on the cryptocurrency market.
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