Ark Invest adds another $13 million worth of COIN

Quick Take

  • Ark added over 213,519 Coinbase shares across two funds on Wednesday.
  • The purchase came to about $13 million.
  • COIN’s earnings on Tuesday were bouyed by interest income from USDC.

Cathie Wood's Ark Invest made another large COIN purchase, this time coming in at over $13 million. Wood's fund has added over $30 million in COIN shares this month alone. 

Ark added 181,972 Coinbase shares to its Ark Innovation ETF and 31,547 shares to Ark Next Generation Internet, according to its latest trade filing. Shares in the crypto exchange closed down 1.4% to about $61 Wednesday. Based on the price at the close, Ark's most recent purchase cost just over $13 million.

Wood had purchased over $21 million worth of shares in the past month, despite COIN's dipping about 6.8% since the beginning of February — and mounting regulatory headwinds facing the exchange.

COIN was up 1.3% in the early session, trading close to $62 by 7:30 a.m. EST, according to TradingView data. 

Coinbase's fourth-quarter revenue beat estimates on Tuesday, analysts said. Interest income from USDC for the quarter came in at $146 million, up more than 100% from the previous quarter, even as full-year revenue came in 57% lower than in 2021. 

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