Bitcoin
$39,523.99+1.97%
Ethereum
$2,161.56+2.87%
Binance Coin
$225.19-0.15%
XRP
$0.63087906+2.80%
Solana
$63.41+2.02%
Cardano
$0.39302328+0.91%
Dogecoin
$0.08448524+0.73%
Tron
$0.11147115+2.98%
Chainlink
$15.96+2.09%
Toncoin
$2.39-3.08%
Avalanche
$21.84-0.59%
Polygon
$0.80411806-1.04%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Finance

ARK Buys $2.5 Million in Coinbase Shares as COIN Continues Rally

ARK has purchased $7.5 million in Coinbase shares this week, or approximately $28.25 million during the last month.

By Sam Reynolds
AccessTimeIconJan 13, 2023 at 8:55 a.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC
PARIS, FRANCE - FEBRUARY 26: In this photo illustration, the Coinbase cryptocurrency exchange logo (C) is seen on the screen of an iPhone on February 26, 2021 in Paris, France. Cryptocurrency trading platform Coinbase has filed for registration with the SEC on Thursday for an IPO via direct listing on the Nasdaq and will likely be the largest IPO of the year. Coinbase reported $ 1.28 billion in revenue in 2020 (+ 140% year on year), for net profit of $ 320 million. (Photo illustration by Chesnot/Getty Images)

Coinbase Cryptocurrency Exchange app on smartphone (Chesnot/Getty Images)

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cathie Wood's crypto conviction continues as ARK made another Coinbase (COIN) buy Thursday.

Coinbase is now the 12th-largest holding for the ARK Innovation ETF (ARKK), behind CRISPR Therapeutics and game engine developer Unity, taking up 3.87% of the fund's weight. Overall, ARKK has a cost average of $254.65 for COIN.

COIN closed at $47.55, up 8.6% on-day Thursday, or 23% during the past month. Analysts are predicting a mean price target of $61.46, according to data compiled by FactSet.

Barclays analyst Benjamin Budish said in a recent note that "next year is likely to remain challenging" for Coinbase, but "rising rates are set to be a material tailwind.”

Recently, Coinbase announced a big expansion of its European operations as a pillar of growth for 2023.

CORRECTION (Jan. 13, 2023, UTC 08:40): Corrects to say that Coinbase shares closed on Thursday at $47.55, not that they are currently trading. The U.S. markets were closed at time of publication.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.