Cathie Wood's ARK Adds $12.1M in Coinbase Stock Amid Turbulent Markets
Ark Investments topped up its Coinbase stock shortly after FTX's liquidity issues came to light, after Coinbase said that he had "minimal exposure" to the troubled trading platform.
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Amid FTX and crypto market chaos, Ark Investments, led by Cathie Wood, increased its Coinbase (COIN) holdings with a purchase of 237,675 COIN shares worth approximately $12.1 million on November 9.
Of the 237,675 COIN shares, Ark Investment Management added 207,527 shares to its ARK Innovation ETF (ARKK), 22,416 shares to its ARK Next Generation Internet ETF (ARKW), and another 7,732 shares to its ARK Fintech ETF Innovation (ARKF).
The tech-focused investment firm's purchase came after Coinbase said in response to FTX's liquidity crisis that it had "minimal exposure" to the crypto trading platform -mint now cash-strapped with only $15 million on deposit to "facilitate business operations and customer transactions."
Coinbase also added that it has no exposure to FTX's native FTT token - which has fallen 84.08% since Binance announced its decision to liquidate all of its FTT holdings late on November 7 - and its partner commercial company Alameda Research.
Wood's purchase on Nov. 9 came on the heels of a 10.84% drop in COIN stock price on Nov. 8, which was an expected outcome following the FTX controversy, according to. ..
Ark Investments topped up its Coinbase stock shortly after FTX's liquidity issues came to light, after Coinbase said that he had "minimal exposure" to the troubled trading platform.
New
Amid FTX and crypto market chaos, Ark Investments, led by Cathie Wood, increased its Coinbase (COIN) holdings with a purchase of 237,675 COIN shares worth approximately $12.1 million on November 9.
Of the 237,675 COIN shares, Ark Investment Management added 207,527 shares to its ARK Innovation ETF (ARKK), 22,416 shares to its ARK Next Generation Internet ETF (ARKW), and another 7,732 shares to its ARK Fintech ETF Innovation (ARKF).
The tech-focused investment firm's purchase came after Coinbase said in response to FTX's liquidity crisis that it had "minimal exposure" to the crypto trading platform -mint now cash-strapped with only $15 million on deposit to "facilitate business operations and customer transactions."
Coinbase also added that it has no exposure to FTX's native FTT token - which has fallen 84.08% since Binance announced its decision to liquidate all of its FTT holdings late on November 7 - and its partner commercial company Alameda Research.
Wood's purchase on Nov. 9 came on the heels of a 10.84% drop in COIN stock price on Nov. 8, which was an expected outcome following the FTX controversy, according to. ..
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