ARK Invest’s Coinbase Stacks in a Shaky Market

Cathie Wood, the fearless leader of ARK Invest, seems to have a penchant for contrarian moves. Amid the chaos of the recent downturn in the cryptocurrency market, her firm has ramped up investments in Coinbase (COIN). Why? Because who doesn’t love a good gamble in a digital candy store? On February 10 and 13, ARK Invest made its first significant stock purchases of COIN since mid-January, spending a staggering $16 million in just a couple of days.

The Deets: How Much Did ARK Spend?

Let’s break it down. On February 10, ARK scooped up 139,105 shares for its flagship ARK Innovation ETF (ARKK) and another 23,220 shares for the ARK Next Generation Internet ETF (ARKW). The total spend? A cool $9.2 million, which is a dizzying amount for us mere mortals. But wait, it didn’t stop there! On February 13, ARK further fueled the fire, adding 102,281 shares and 16,414 shares in ARKK and ARKW respectively, costing another $6.7 million when COIN closed at a modest price of $56.4.

The Big Picture: Investment Trends

By mid-February, ARK’s appetite for Coinbase had reached 280,000 shares in just a month, surpassing their total purchases of over 330,000 shares in January. It seems they’re all in on this virtual poker game, with a staggering total of 614,657 COIN shares bought for around $28.8 million this year alone. If only we could all get in on that kind of action!

Cathie Wood’s Crystal Ball: Bullish on Bitcoin

So, what fuels Cathie’s optimism? On February 3, she dropped another jaw-dropping prediction about Bitcoin, forecasting it could hit $1 million by 2030. Yes, you heard right! She sees Bitcoin as a safety net for countries facing inflation—like digital gold you can’t hold but can certainly speculate about. Her optimism is contagious; one might think she’s been sipping on too much crypto Kool-Aid.

Future Gazing: What Lies Ahead?

Wood anticipates a turnaround in the crypto space in 2023, strongly believing that the Federal Reserve’s potential pivot might set the stage for a crypto renaissance. Could this be the moment we’ve all been waiting for? Grab your popcorn folks, as we watch this heavyweight battle between inflation and innovation unfold!