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Ark Invest Has Acquired Coinbase Stock Worth $20M Since January

Recent reports indicate Cathie Wood’s company Ark Invest purchased more Coinbase shares (COIN) last Friday. The over 160,000 shares bought are worth $9.5 million. They were split between two firm divisions, including Ark Next Generation Internet ETF (ARKW), which got 139,100 shares, while Ark Innovation ETF (ARKK) was allocated 21,200 shares.

As of now, Ark has invested about $19.4 million in COIN since the year began. The company made several purchases between January 4 and January 10, which amounted to nearly $10 million. The most expensive acquisition happened on January 6 when Ark spent $5.8 million on 172,123 COIN, followed by a January 9 purchase of 73,900 COIN valued at $2.9 million.

ARKK and ARKW, What are They?

Most of the COIN bought this year by Ark have been channeled to ARKK. Currently, Coinbase shares make up 4.65% of the total assets that ARKK holds. ARKK is the company’s fund that looks to invest in firms that benefit from or are involved with modern innovation.

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On the other hand, ARKW invests in cloud computing, internet-based services, products, e-commerce, and artificial intelligence. In addition, this Ark’s division provides funds to fintech firms that have the potential to grow in the long term. It also received a significant amount of Coinbase shares.

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COIN had a strong performance in January, closing the month at $81.7 before falling to $57.1 last week. Further, shares of ARKK also recorded a good run last month, with their price rising by 29%. That was the best monthly performance for ARKK shares since September 2014.

However, the decline in crypto prices seen since the start of this month seems to have affected the price of ARKK shares. In just two weeks, the shares have fallen from $44.3 to $39.17 as of this writing.

Ark CEO weighs in on the SEC-Kraken Drama

Elsewhere, Ark boss Cathie Wood weighed in on the Securities and Exchange Commission’s recent action on Kraken. On her Twitter handle, she wrote that such actions are likely to force many centralized exchanges to exit the United States market, something that she regarded as horrible. Like many other crypto players, Wood called for a clear regulatory framework.

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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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