• On February 24, Ark Invest, led by Cathie Wood, purchased 150,192 shares of Coinbase (COIN).
• Coinbase reported overall revenue of $605 million in Q4 and the Federal Reserve’s preferred inflation gauge increased by 4.7%.
• Ark Invest has acquired 722,942 shares of Coinbase (COIN) this month.
Cathie Wood Buys Coinbase Stock
Investment management company Ark Invest, run by Cathie Wood, made a significant purchase of Coinbase stock when the price dropped below $58 on Friday. The funds were acquired for the ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). This is the third day in a row that shares of Coinbase have been purchased.
Coinbase Financial Report
Coinbase announced overall revenue of $605 million in Q4 profits which was above analyst predictions of $588 million. Additionally, U.S. Core PCE inflation for January came in at 0.6%, higher than expected at 0.4%, causing the price to drop and leading to the purchase on February 24th.
Ark Investment
Ark Invest has so far acquired 722,942 shares of Coinbase (COIN) this month with purchases on February 22nd and 23rd as well as on Friday 24th. With the release of their Basic Layer-2 blockchain this week, Cathie Wood has expressed optimism about future performance for her holdings in Coinbase stock despite current losses this month due to extraordinary crypto market and macro circumstances.
Market Prediction
The Federal Reserve’s preferred inflation gauge increased by 4.7% in February suggesting more rate increases by the end of the month which could lead to further drops in prices for cryptocurrency exchange such as Coinbase despite their strong financial results reported earlier this year .
Conclusion
Despite current losses from extraordinary macroeconomic conditions, Cathie Wood continues to invest heavily into Coinbase stocks with increasing optimism over its potential future performance thanks to their recent layer-2 blockchain launch announcement .