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

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.

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    • 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.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.