Cathie Wood’s ARK Fintech Innovation Fund (ARKF) has increased its stake in Coinbase by purchasing an additional 10,880 shares for $722,000. This brings the total value of the fund’s holdings in Coinbase to $60.5 million, which represents around 8% of the fund’s total weight.
Cathie Wood, the Chief Investment Officer of ARK, said in August that the fund has cut its holdings in Coinbase as a result of an investigation into the cryptocurrency exchange by the SEC.
The Chief Executive Officer of a US-based cryptocurrency powerhouse named Brian Armstrong recently stated his intention to sell 2% of his total investment in the firm over the course of the next several months. He intends to utilize the money from the sale to invest in various technology startups.
In a related development, Wood said that she had acquired bitcoin (BTC) worth around $100,000 when the price was approximately $250. She said that she has not liquidated any of that original investment, which indicates that her current profit on that wager of one hundred thousand dollars would be around seven and a half million dollars right now.
At the beginning of this year, the chief investment officer of Ark forecast that the most valuable cryptocurrency in the world will reach a price of one million dollars per coin by the year 2030.
Furthermore, earlier this month, Wood said that her investment management company, ARK Investment, was going to make both of its actively managed cryptocurrency strategies accessible to registered investment advisers. As a result of a cooperation with the digital asset platform Eaglebrook, the strategies will be made accessible as separately managed accounts, also known as SMAs.
