ARK Invest bought Coinbase dip as Bitcoin fell to multi-month lows

The ARK Invest asset manager has recovered the actions of Crypto-Monrsech Exchange Coinbase while the technological actions gave and Bitcoin fell on several months.

According to the last updateHe picked up 41,032 Coinbase Global Inc. (corner) with a value of $ 9.3 million. The last purchase comes just over two months after Woods Cathie-The managed company unloaded $ 4.3 million in coins at the end of December.

The purchase activity occurred with the ARK Next Generation Internet Exchange Traded Fund, an actively managed ETF which seeks long -term capital growth by investing mainly in the titles with national and foreign action of relevant companies for The investment theme of the new generation Internet fund.

Ark Invest bought the decline because Coinbase shares had trouble during last week. As before reported By crypto.News, parts actions fell by more than 5% after Bofa titles passed its price target from $ 363 to $ 311, citing increasing competition and pressure on income.

Analysts have warned that traditional financial companies entering the cryptographic space could cause Coinbase transaction income, which remains its main income.

At the time of the press, Google’s financing data indicated that Coin ended at $ 212.49 on February 25, down 6.42% for the day and more than 20% last week.

Coinbase actions also had trouble doing Turbulence of the cryptography marketWith billions of liquidations of more than a billion dollars in liquidations in the last 24 hours launched by Donald Trump confirmation of new prices on imports from Canada and Mexico, as well as a 10% rate on Chinese products.

Investors were not delighted, fearing that the increase in costs could nourish inflation and cause more economic uncertainty, pushing technological actions and risk assets such as Bitcoin.

Bitcoin fell by 3.5% the day when writing at $ 88,534, the levels seen for the last time in November from last year, while the total market capitalization of cryptography slipped by 3.2% in the same period to 3.04 dollars. Meanwhile, the Nasdaq Composite, heavy with technology, slipped by 1.35%.

However, Ark Invest seems to be optimistic about Coinbase, probably due to the fact that the company has published Genuations stronger than expected for the fourth quarterwhich represented an increase of 138% compared to 2023 and beat the estimate of $ 1.88 billion of LSEG analysts.

In addition, the American Commission for Securities has dropped his trial Against Coinbase, which was one of the largest measures to apply the bond linked to the commission crypto under former president Gary Gensler.

ARK Invest also unloaded 98,060 actions from the Ark 21Shares Bitcoin ETF (ARKB) from its ARKW fund. The sale was estimated at around $ 8.6 million depending on the ETF fence price of $ 87.86 on Tuesday.