Ark Invest Purchases Coinbase Shares Worth $21.4 Million
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Coinbase is the largest cryptocurrency exchange operating out of the USA. The firm also filed for public listing last year.
However, the last quarter’s sales for the cryptocurrency organization were not up to par with its usual streak. Coinbase is dealing with legal issues from financial regulators such as SEC.
However, a financial backer has swooped in at the last minute like a knight in shining armor to save the honor of Coinbase. Ark Invest has reportedly purchased a bulk of Coinbase shares.
Ark Invest’s Portfolio
The investment solution provider has stakes in mega-corporations like Zoom, Tesla, Roku, and Teladoc Health Inc., among others. As per the news projections, Ark Invest has poured around $21.4 million into Coinbase via shares.
At present, cryptocurrency firms and the market are in hot waters. However, the ground reality is that crypto has become too big to fail now.
Coinbase has been a regulated cryptocurrency exchange with a public listing that has paved the path for other cryptocurrency organizations to attain legitimacy in an environment deprived of legislative clarity.
The daily trade brief of Coinbase has confirmed the purchase around 420,949 shares by Ark Invest. The breakdown of this purchase is thus that the lion’s share has become the stock holding of ARKK.
ARKK is the flagship ETF or Exchange Traded Fund by Ark Invest that tracks the performance of disruptive and technology-oriented companies.
At present, there is a general sense of relative calm within the cryptocurrency markets. The big investors have thus far decided to retain their massive crypto reserves. To this effect, the native token of Coinbase COIN dropped by 10.7%.
On the other hand, there is also another turmoil going on with the FTX situation. Binance had decided to take up stakes in the company earlier through a non-binding contract. However, the latest reports have suggested that the offer has been rescinded now.
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