Investment firm Ark Invest has reportedly added 296,578 Coinbase shares to its portfolio. These shares currently represent a value of approximately $11.9 million.
Large investments from Ark Invest
The largest batch of 176,364 shares went to Ark Innovation ETF (ARKK), increasing holdings to a total of 6,139,480 shares currently worth approximately $246.7 million.
Another batch, of 93,117 Coinbase shares valued at $3.7 million, was added to the ARK Fintech Innovation ETF (ARKF), followed by the ARK Next Generation Internet ETF (ARKW) which raised 27,097 COIN.
The Ark Innovation ETF is an actively managed ETF that invests in companies focused on disruptive innovation, including areas such as automation, robotics and artificial intelligence (AI).
The ARK Fintech Innovation ETF in turn invests in stocks of companies engaged in fintech innovation, while the ARK Next Generation Internet ETF focuses on internet-based products and services, cloud computing, artificial intelligence (AI), e-commerce and media innovations.
Fully bet on crypto
Interestingly, Ark dumped approximately $75 million worth of Coinbase stock towards the end of July this year. However, the company has since resumed purchasing Coinbase shares. In November, the company reportedly purchased nearly 79,000 more Coinbase shares.
The company appears to be fully committed to crypto. Last month, the fund manager already announced that the collapse of FTX will ultimately benefit the crypto industry. This is because it further helps to “test” the infrastructure and the position of the digital currency, so to speak.
Catherine Wood, the CEO of Ark Invest, also predicted that Bitcoin would reach $1 million in 2030. If these predictions come true, the leading cryptocurrency should rise about 6,000% over the next 8 years. While this is a nice prediction, BTC still has a long way to go to achieve it. It is therefore not certain whether this prediction will come true.