Investment company ARK Invest continues to buy shares from Coinbase despite bearish market conditions.
The bearish activity in the cryptocurrency market continues. However, these market conditions failed to impress strong crypto investment companies. Many institutional companies describe this bearish move of the crypto market as an opportunity. One of the companies that stand out with crypto investments is ARK Invest. The company’s CEO, Cathie Wood, continues to collect Coinbase shares.
ARK Invest’s Coinbase Investments Continue
Popular investment company ARK Invest continues to buy the shares of companies it sees as potential. The company gained attention by purchasing $5 million worth of shares from Coinbase. ARK Invest continues to demonstrate its confidence in the crypto exchange even as the share price drops.
Coinbase shares fell 11 percent to $33.53 on Thursday. When we look at the data of the last year, it is seen that the shares have decreased by nearly 90 percent.
ARK Invest recently added 10,880 Coinbase shares to its balance sheet, increasing its stake to $60.5 million. Known for stating that her belief in technology will never fade, Cathie Wood believes that cryptocurrencies will be in better places in the coming years.