Ark Invest adds $20.5M Coinbase shares: COIN share price down 7%

• Ark Invest purchased 301,347 Coinbase shares on Thursday.
• Ark had purchased more Coinbase shares on Wednesday.
• In February Ark purchased $30 million worth of Coinbase shares.

Cathie Wood’s Ark Invest has remained bullish on Coinbase Global Inc (NASDAQ:COIN) stock despite the stock dropping by more than 10% since the beginning of March. On March 10, 2023, Coinbase shares were going for $64.67 compared to today’s price of $58.09.

According to its latest trade filing, Ark Invest on Thursday added 301,437 Coinbase shares to its Ark Innovation ETF and 52,525 Coinbase shares to Ark Next Generation Internet. The total value of shares purchased by Ark on Thursday amounted to $20.5 million.

Ark Invest also added 265,000 Robinhood shares (worth about $2.5 million), which were solely added to the Ark Next Generation Internet ETF.

Ark invests in Coinbase amid the crypto meltdown

While many are sceptical about crypto-related firms amid the current crypto market meltdown, Cathie Wood seems quite optimistic about Coinbase, which could be seen as a vote of confidence on the crypto exchange.

While several cryptocurrency exchanges are facing accusations by various regulatory authorities in the United States, Coinbase has continued to receive some considerable edge. For example, the US government recently reportedly moved BTC worth $217 million to Coinbase. The collapse of crypto-friendly bank Silvergate, the shockwaves caused by crypto VCs-friendly Silicon Valley Bank selling assets and stock to raise funds, and the risk of prolonged interest rate increases in the US have driven down market sentiment this week.

In February Ark purchased Coinbase shares worth more than $30 million adding to another $3.2 million worth of Coinbase shares purchased in December.