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.
Jan 13, 2023 at 8:55 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HKOTSVQQWFGZJPAEFIEGHCTGF4.jpg)
Coinbase Cryptocurrency Exchange app on smartphone (Chesnot/Getty Images)
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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.
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