Due to regulatory uncertainty, Cathie Wood’s Ark Invest added to its holdings of Coinbase (COIN) shares as the stock price fell below $58.
In spite of the regulatory uncertainty in the cryptocurrency business, Ark Invest CEO Cathie Wood continues to buy shares of cryptocurrency exchange Coinbase at low prices.
A total of 14,636 Coinbase (COIN) shares were bought by investment management firm on February 14 as the stock fell below $58. According to transactions tracked by CoinGape, Cathie Wood’s Ark Invest bought 11,778 Coinbase equities for the ARK Innovation ETF and 2,848 Coinbase stocks for the ARK Next Generation Internet ETF.
In October, investment management firm resumed purchasing Coinbase shares. Following the failure of the cryptocurrency exchange FTX in December, the price of Coinbase dropped to a low of $31.55 at which point Ark Invest bought 628,164 shares in 10 transactions.
Cathie Wood is still optimistic about cryptocurrencies, particularly Bitcoin. Wood, the founder of the investment management firm, recently reaffirmed that the price of Bitcoin might reach $1 million by 2030.
After a dramatic increase in stock price amid the revival of the cryptocurrency market, Coinbase (COIN) price reached a high of $81.46 on February 2. Cathie Wood’s investment management firm resumed buying COIN stocks in February as prices fell as a result of the U.S. SEC’s enforcement action against crypto staking and Paxos’ BUSD offering.
