Crypto-related stocks rose, far outpacing the broader crypto market and slightly outpacing the S&P 500, following positive inflation data in the U.S and news that Ark Invest bought the Coinbase dip.
Coinbase shares gained 12%, trading at $51.90 at 11:51 a.m. ET, according to TradingView. Jack Dorsey's Block rose 18%, while Silvergate is up 5%. Michael Saylor's MicroStrategy rose 9%, despite the bitcoin price drop this week. The firm owns 130,000 bitcoin.
The S&P 500 rose 4% on Thursday, while the Nasdaq jumped nearly 6%.
Shares in Coinbase had previously declined throughout the week from $60 at the open on Monday. The downward trend tracked movements in crypto, after rival exchange FTX's woes have dragged the whole market down.
Cathie Wood's Ark Invest continued to add Coinbase shares to its portfolio this week, according to a company filing.
Ark added 207,527 Coinbase shares to its Ark Innovation ETF, 22,416 shares to Ark Next Generation Internet ETF, and 7,732 shares to the Ark Fintech Innovation ETF. The asset manager purchased 237,675 shares worth $10.9 million, based on the price at close on Wednesday of $45.90.
Ark Invest had already bought $21.3 million worth of Coinbase shares on Tuesday, bringing the total so far this week to over $32 million. Wood's fund sold $9.9 million worth of Robinhood shares simultaneously.
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