Ark Invest CEO Cathie Wood keeps on buying stocks of crypto exchange Coinbase from lows amid the regulatory uncertainty in the crypto market.
On February 14, Ark Invest purchased a total of 14,636 Coinbase (COIN) stocks as Coinbase’s stock price dipped below $58. Cathie Wood’s Ark Invest purchased 11,778 Coinbase stocks for ARK Innovation ETF and 2,848 Coinbase stocks for ARK Next Generation Internet ETF, according to transactions seen by CoinGape.
Ark Invest started buying Coinbase shares again in October. In December, Ark Invest purchased 628,164 shares of Coinbase in 10 transactions as the price fell to a low of $31.55 following the collapse of the crypto exchange FTX.
Cathie Wood remains bullish on cryptocurrencies, especially Bitcoin. Ark Invest founder Wood recently reiterated that Bitcoin price could hit $1 million by 2030.
Coinbase (COIN) price hit a high of $81.46 on February 2 after a spectacular rally in stock price amid the crypto market recovery. In February, Cathie Wood’s Ark Invest again started purchasing COIN stocks as prices dip amid the U.S. SEC’s regulatory action against crypto staking and Paxos’ BUSD offering.
Ark Invest bought 162,325 COIN shares on Feb. 10 and 118,698 COIN shares on February 13. COIN stock price jumped over 4% to $59.03 at market close on Tuesday. The price is trading 2.15% up at $60.30 in pre-market hours.
Cathie Wood’s Bullish on Coinbase and Bitcoin
Cathie Wood reiterated her bullish stance on Bitcoin, predicting that the BTC price will hit $1 million by 2030. She also believes Bitcoin can help countries troubled by inflation, similar to an insurance policy.
Moreover, Cathie Wood strongly asserts that Bitcoin price will see a turnaround due to cooling inflation and the U.S. Fed pivot.
BTC price is currently trading at $22.7K, after hitting a high of $22,816 in the last 24 hours.
Also Read: Is This The Best Time To Invest Or Buy Bitcoin? Here’s What Analysts Predict