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