Last Friday, Cathie Wood’s investment house, Ark Invest, purchased another 162,325 shares of the Coinbase crypto exchange.
The value of the latest purchase was $9.6 million and it was divided across the ARK Next Generation Internet ETF (ARKW) and the ARK Innovation ETF (ARKK).
ARKW’s shares were 23,220, while ARKK’s shares were 139,105. With the latest purchase, the total investment of Ark Invest in the Coinbase exchange since the beginning of the year has reached $19.73 million.
Before this purchase, the investment house had made purchases of the shares between January 5th and January 11th.
During this time, Ark investment had bought shares in the publicly-listed crypto exchange that were valued at $10.47 million.
The most prominent purchase occurred on January 5th when a total of 172,276 COIN shares were purchased, which were valued at $5.77 million at the time.
The next purchase that happened on January 11th was valued at $3.275 million and the total number of shares bought was 74,792.
ARKK’s banner month
It should be noted that the majority of the shares that Ark Invest has bought in the Coinbase exchange this year have been added to the company’s flagship fund, ARKK.
The aim of the fund is to achieve capital growth in the long term through the companies that are engaged with disruptive technologies, or benefit from it.
According to the company, 4.26% of ARKK’s total comprises of shares of the Coinbase exchange. The two other funds that have also received Coinbase stock this year include ARKW and ARKF.
The former focuses on investments in internet-based services and products, media innovations, e-commerce solutions, artificial intelligence, and cloud computing.
The latter is focused on fintech firms that have long-term growth potential. For ARKK, the banner month was January because it saw its shares rise 28% from the previous month.
This marked the best performance of the fund in a month since 2014.
The start of February saw the share price of COIN rise to $81.6, as the crypto markets recorded a strong performance in January.
However, it ended the previous week at the price of $57.09, after recording a decline of 22%. The crypto markets are seeing a downturn this month.
This has resulted in a 9.5% decline in the price of Bitcoin in the last two weeks, which has also taken its toll on ARKK.
The leading investment product of Ark Invest began the month at a price of $44.41, but it ended the previous week at $39.17.
The overall drop in the price of ARKK was mitigated due to the rise in the price of the fund’s Tesla shares, as the electric car manufacturer saw its share price soar by 60% in the last month.
Tesla stock accounts for about 10.58% of the ARKK fund.
Cathie Wood has also spoken out against the SEC’s actions against staking services, which has resulted in a fine on the Kraken crypto exchange.
This could also have consequences for Coinbase, given that it also offers staking services.