Share this article
Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
ARK Buys $2.5 Million in Coinbase Shares as COIN Continues Rally
ARK has purchased $7.5 million in Coinbase shares this week, or approximately $28.25 million during the last month.
Cathie Wood's crypto conviction continues as ARK made another Coinbase (COIN) buy Thursday.
Coinbase is now the 12th-largest holding for the ARK Innovation ETF (ARKK), behind CRISPR Therapeutics and game engine developer Unity, taking up 3.87% of the fund's weight. Overall, ARKK has a cost average of $254.65 for COIN.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
COIN closed at $47.55, up 8.6% on-day Thursday, or 23% during the past month. Analysts are predicting a mean price target of $61.46, according to data compiled by FactSet.
Barclays analyst Benjamin Budish said in a recent note that "next year is likely to remain challenging" for Coinbase, but "rising rates are set to be a material tailwind.”
Recently, Coinbase announced a big expansion of its European operations as a pillar of growth for 2023.
CORRECTION (Jan. 13, 2023, UTC 08:40): Corrects to say that Coinbase shares closed on Thursday at $47.55, not that they are currently trading. The U.S. markets were closed at time of publication.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
More For You
Multisig Failures Dominate as $2B Is Lost in Web3 Hacks in the First Half
A wave of multisig-related hacks and operational misconfiguration led to catastrophic losses in the first half of 2025.
What to know:
- Over $2 billion was lost to Web3 hacks in the first half of the year, with the first quarter alone surpassing 2024’s total.
- Multisig wallet mismanagement and UI tampering caused the majority of major exploits.
- Hacken urges real-time monitoring and automated controls to prevent operational failures.
