The widely known tech stakeholder C. Wood’s fund, Ark Investment Management, has invested in Coinbase. Barron’s reports that the Ark trading monetary stock added more than $21 million to its position on the leading cryptocurrency trading service Coinbase by purchasing about 421,000 shares (420,949 to be exact).
The Ark fund decisions
About thirty-three hundred thousand stocks were purchased by the flagship Ark ETF, followed by almost fifty-five thousand by Coinbase and 36,022 by the third. During the recent week, Coinbase’s share value has decreased by a large number. Tuesday saw a 10-point 8% decline in COIN, and Wednesday’s US premarket exchange saw another 2-point 5% decline.
The value at UTC in the middle of this week was less than five hundred dollars. It had fallen by almost ten percent to about forty-five dollars at the time of its most recent close. Nasdaq, the source.
Coinbase statistics
The third quarter’s net revenue for Coinbase, as stated in the shareholder letter, was $576 million, a decrease of 28% from the second quarter of 2022’s net revenue of $803 million. The amount of trading dropped from $217 billion to $159 billion. Coinbase claims that the most recent share price decline, which coincided with the ft. crisis, has no monetary impact on the insolvent business, its FTX cryptocurrency, or its parent company Alameda Research.
But at the same time, another famous crypto-trader makes a decision of purchasing the shares of Coinbase. It looks really weird in the light of the recent events and makes it possible for the stakeholder to have some insights on the future of the situation. This query is particularly interesting in light of Ark Invest’s July COIN share sale of over 1.41 million.
About one-fifth of the original value of Coinbase Global’s shares has been lost. It’s possible that the company thought COIN could increase its losses in the days to come, since Ark was sold for just $53, according to the price at which it was sold. Since Coinbase’s launch in 2021, Ark has been purchasing shares of the company.