Ark Invest CEO Cathie Wood Bullish On Coinbase’s Base Layer-2 Blockchain, Buys More COIN

Ark Invest CEO Cathie Wood has been extremely bullish on Coinbase stock since last October. Cathie Wood’s investment management firm Ark Invest continues to buy Coinbase shares in larger quantities despite falling revenues and regulatory uncertainty in the U.S.

With the announcement of the Ethereum Layer-2 blockchain Base, Coinbase share price is bound to rally higher. The Base blockchain is built using Optimism’s OP Stack and plans to connect with the main Ethereum network for Layer-2 solution.

On February 23, Ark Invest purchased a total of 63,585 Coinbase (COIN) shares as Coinbase announces the Base Layer-2 blockchain. Cathie Wood’s Ark Invest purchased 53,783 Coinbase stocks for ARK Innovation ETF (ARKK) and 9,802 Coinbase stocks for ARK Next Generation Internet ETF (ARKW), according to transactions seen by CoinGape.

A day earlier on Feb 22, Ark Invest made its largest Coinbase stock buy of the year as the crypto exchange reported total revenue of $605 million in Q4 earnings, beating analyst estimates of $588 million.

Ark Invest purchased a total of 213,519 Coinbase (COIN) shares as the price dipped to $58. Ark Invest purchased 181,972 Coinbase stocks for ARK Innovation ETF (ARKK) and 31,547 Coinbase stocks for ARK Next Generation Internet ETF (ARKW).

Cathie Wood’s funds also purchased 162,325 COIN shares on Feb. 10, 118,698 COIN shares on February 13, and 14,626 COIN stock on Feb 14. Cathie Wood remains optimistic about turning around the loss in her funds with Coinbase shares.

Coinbase (COIN) stock price ended 2% higher at 62.36 on Thursday. In the pre-market hours, the COIN price is trading at 61.43, down 1.50%.

Also Read: Bitcoin News: Whales Move Over 10000 BTC Amid Major Liquidation Risk Today

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.