Cathie Wood's arkinvest made its first purchase of the year of coinbase shares as the stock rallies. thesamreynolds reports.
Tech investor Cathie Wood has made her first purchase of the year of Coinbase stock.
According to an investor update email, Wood added 33,756 shares of COIN to ARK’s Innovation ETF , worth around $1.45 million based on the January 10 closing price.in recent weeks. On Dec. 14, it purchased 300,000 shares at a closing-price cost of about $12 million, then on Dec. 30 it added another $5.5 million in shares to its holdings.
During the last week, COIN has begun to show some signs of recovery, along with the broader crypto market, pushing up 20% on-week, and 7.3% on-month.Analysts on Wall Street say that they are “encouraged” by"This job cut is a reflection of the current challenging environment so that Coinbase can maintain a certain loss guardrail,"."Unfortunately many crypto companies may not make it, but Coinbase has a strong balance sheet and could emerge stronger on the other side.
COIN is currently trading at $43.23. It was down approximately 80% during 2022, or 87% from its all-time high.
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