ARK turns bullish on Coinbase again with $15M purchase after selling spree

ARK Invest, led by Cathie Wood, has officially resumed its accumulation of Coinbase (COIN) shares, marking a shift in strategy after months of offloading the stock. The investment firm purchased approximately $15 million worth of COIN shares across its exchange-traded funds, including the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). This move follows a prolonged period of selling throughout late 2023 and early 2024, during which ARK locked in profits as the cryptocurrency exchange’s stock price rallied alongside the broader digital asset market. The recent purchase suggests that ARK remains confident in Coinbase’s long-term growth potential and is actively buying the dip to rebalance its portfolio as market volatility provides more attractive entry points.

Source: ARK turns bullish on Coinbase again with $15M purchase after selling spree

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