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The latest big bet from Cathie Wood’s fund on a cryptocurrency giant

The latest big bet from Cathie Wood’s fund on a cryptocurrency giant
The latest big bet from Cathie Wood’s fund on a cryptocurrency giant

Recent data shows that ARK continues to acquire shares of a major exchange despite doubts about the bankruptcy of Silvergate Bank.

Courtesy: TSA Bursátil

Cathie Wood’s ARK bought Coinbase shares for the sixth month in a rowand thus ignored the bankruptcy of Silvergate Bank, an exchange partner.

This investment fund bought another 47,568 Coinbase shares on March 7. This operation adds to the approximately 6 million shares that the ETF already held at the beginning of the month, and is her third purchase of the week.

“Coinbase has been under pressure since early February, falling from local highs of $87.50 to current levels of $61.69, a decline of almost 30% in just over a month”according to data from TradingView.

In a recent issue of his weekly newsletter, published on February 27, The investment fund expressed excitement about Coinbase’s announcement of its Layer 2 network for Ethereum, Base.

“In our opinion, Coinbase’s decision to build and integrate its services on a decentralized crypto infrastructure underscores its deep alignment with the fair, transparent, and accessible financial services that public blockchains aim to offer,” he wrote.

Cathie Wood’s ARK can be purchased on the local stock exchange in pesos through the Cedears ETF.

Source: Ambito

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