Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Cathie Woods’ ARK Buys 238K Coinbase Shares Amid FTX Fallout

Published 11/11/2022, 05:46 AM
Updated 11/11/2022, 06:00 AM
© Reuters Cathie Woods’ ARK Buys 238K Coinbase Shares Amid FTX Fallout

  • ARK buys 238,000 shares of crypto exchange Coinbase (NASDAQ:COIN).
  • Early this week, Cathie Woods purchased over 400,000 Coinbase shares.
  • Coinbase announced minimal exposure to FTX.

Technology investor Cathie Woods’ ARK Investment Management exchange-traded funds (ETFs) have bought 238,000 additional shares of cryptocurrency exchange Coinbase after stocks retreat due to FTX’s fall as Sam Bankman-Fried announces potential bankruptcy.

Early this week, ARK Invest bought 420,949 shares of Coinbase shares worth over $21 million to emphasize ARK’s position in the major cryptocurrency exchange. The ETFs include ARK’s flagship ETF, ARK Innovation ETF, Ark Next Generation Internet ETF, and ARK Fintech Innovation ETF.

According to company disclosures, ARK Innovation purchased 330,000 shares, while ARK Next Generation Internet and ARK Fintech bought 54,466 shares and 36,022 shares respectively.

Moreover, Coinbase has recently announced that it had minimal exposure to collapsing crypto exchange FTX with about $15 million in investments to support business operations and customer trades.

The cryptocurrency exchange shared in a statement that all customer assets are fully backed as displayed in the publicly filed and audited reports. Coinbase also clarified that it doesn’t hold any of FTX’s FTT tokens which observed an 80% dip on November 8.

Oppenheimer Blockchain analyst Owen Lau shared with clients that Coinbase can experience a potential surge of up to 90% despite FTX’s “Lehman Brothers” moment, and stated:

While COIN has minimal exposure to FTX, before there is enough evidence that the contagion risk is contained, the pressure on crypto prices will likely weigh on COIN.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

While Coinbase shares dipped 22% on November 9, they were soon up by 12% on November 10, trading at $51.50.

The post Cathie Woods’ ARK Buys 238K Coinbase Shares Amid FTX Fallout appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.