Wood's ARK Invests Heavily in Coinbase Amid Market Volatility

ARK Investment Management, the firm founded by Cathie Wood, has continued to buy the dip in Coinbase shares, purchasing over $13 million worth of the cryptocurrency exchange's stock during the recent market rout.

According to a filing with the Securities and Exchange Commission (SEC), ARK invested $13,136,000 in Coinbase shares between March 24 and April 1, as the stock plummeted by over 20% in the same period. The purchase brings ARK's total holdings in Coinbase to over $73 million.

Coinbase's shares have been hit hard in recent weeks, falling from a high of $244.50 in February to around $180 by the end of March. The decline has been attributed to a combination of factors, including the broader market sell-off, concerns over the future of cryptocurrency regulation and the impact of the Russian invasion of Ukraine on global markets.

Despite the volatility, ARK has continued to show faith in Coinbase's long-term potential. The firm has been a long-term holder of the stock, and has previously expressed its belief that the cryptocurrency exchange is poised for significant growth as the digital asset market continues to evolve.

ARK's purchase of Coinbase shares comes as the firm has been increasingly focused on the cryptocurrency and blockchain space. In recent months, ARK has launched several new ETFs focused on the sector, and has become one of the largest holders of cryptocurrency-related stocks in its flagship ETF, the ARK Innovation ETF.

The investment in Coinbase is the latest in a series of significant purchases made by ARK during the recent market downturn. The firm has also been buying shares of other beaten-down stocks, including Tesla, Shopify and Zoom, which have all seen their prices fall significantly in recent weeks.