Key Notes
- The Cathie Wood firm added roughly $16.3 million in Coinbase (COIN) shares across multiple ARK ETFs, continuing a dip-buying strategy.
- Technical analysts note that the COIN stock is consolidating near key long-term support, with analysts stating that $250 could hold.
- Ark also increased exposure to Bullish, Circle, Bitmine Immersion Technologies, and CoreWeave, while expanding its crypto portfolio.
Cathie Wood, the CEO of Ark Investments, is buying some top-listed crypto stocks despite a strong correction in recent months. On Monday, Dec. 15, Ark Invest purchased $60 million worth of crypto equities with major investments in Coinbase (COIN), Circle (CRCL), and Bullish (BLSH). Over the past few weeks, Wood has been actively buying the stocks at every dip.
Cathie Wood’s Ark Invest Buys Coinbase (COIN) Stock Dips
While Coinbase (COIN) stock corrected over 6% on Dec. 15, it still attracted institutional buyers as Cathie Wood’s Ark Investments chipped in. According to Ark Invest daily, the firm purchased a total of 64,946 COIN shares with an approximate investment of $16.3 million.
This purchase happened across different portfolio funds such as the Ark Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and the ARK Blockchain & Fintech Innovation ETF (ARKF).
Ark Investments made a similar investment in Coinbase two weeks before. Cathie Wood’s firm has been confidently buying the COIN stock despite the 40% from its highs of $420.
Market expert The Great Mattsby noted that the Coinbase (COIN) stock is consolidating between its 50-week and 100-week moving averages over the past month. The price action remains uncertain in the absence of a clear directional bias.
The analyst added that despite the range-bound trading, the broader structure continues to form higher highs and higher lows. This shows that the COIN stock has a greater chance of holding support around $250, and could reverse from here.
Buying Bullish (BLSH), Circle (CRCL), and BitMine (BMNR) Stocks
During Monday’s purchase of crypto stocks, Ark Invest spent a total of $59.3million. Apart from Coinbase, the firm also purchased roughly $5.2 million of Bullish (BLSH), and around $10.8 million of Circle Internet Group (CRCL).
The Cathie Wood firm also added about $17 million in Bitmine Immersion Technologies (BMNR) and approximately $9.9 million in CoreWeave (CRWV).
As said, the purchase from Cathie Wood came during the broader crypto stocks correction on Dec. 15. On the day, Bitmine fell more than 11%, Circle dropped nearly 10%, CoreWeave slid close to 8%, Coinbase declined over 6%, and Bullish extended its ongoing downturn.
Crypto stocks have been a significant part of Ark Invest’s portfolio. The firm holds roughly $609 million in Coinbase, $323 million in Circle Internet Group, $275 million in Bitmine Immersion Technologies, $194 million in Bullish, and $140 million in CoreWeave.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Source: https://www.coinspeaker.com/ark-invest-crypto-stocks-coin-blsh-crcl/
