Cathie Wood’s ARK ignores Silvergate, buys Coinbase stock for 6th straight month

Bitcoin (BTC) exchange Coinbase remains a solid buy for ARK Invest through recent price cuts.

latest data show Ark continues to buy shares in Coinbase despite concerns about the bankruptcy of its main partner, Silvergate Bank.

ARK ETF Continues to Increase Coinbase Stock

As the latest demonstration of its fearless approach to the crypto space, ARK purchased another 47,568 shares of Coinbase on March 7th.

This adds to nearly 6 million shares already held in ARK’s ARKK Exchange Traded Fund (ETF) at the beginning of the month and is already the third purchase this week.

Coinbase has been under pressure since the beginning of February, falling from a local high of $87.50 to its current $61.69. according to To data from TradingView.

while silver gate The event, which has sparked renewed scrutiny on crypto exchanges in particular, has led ARK and its CEO Cathie Wood, known for bucking the trend and increasing exposure to assets such as Coinbase, even during the 2022 bear market. It didn’t upset me.

recently version In its weekly newsletter released on February 27, ARK hinted at its rationale and expressed excitement with Coinbase announcing BASE, an Ethereum Layer 2 network.

“In our view, Coinbase’s decision to build its services and integrate them into a decentralized cryptographic infrastructure is consistent with the fair, transparent, and accessible financial services that public blockchains aim to provide. We emphasize our close cooperation with

“Although we will not be taking transactional revenue from the base at launch, Coinbase could benefit economically if its wallets acted as a trusted entry point and access point to applications on the network. ”

The buy-in came at a price. The company’s cost basis is now $254 per share, well above its current value.

GBTC Rises Slightly As Bitcoin ETF Battle Hits Court

Grayscale Bitcoin Trust (GBTC), the largest institutional investor in Bitcoin, also benefited this week.

RELATED: GBTC approval could return ‘billions of dollars’ to investors: Grayscale CEO

middle Despite being on the verge of a lengthy battle to convert GBTC and launch it as an ETF in the US for owner Grayscale, the trust rose slightly in value as the week began.

$GBTC

The day Grayscale launched its lawsuit against the SEC, things went wild. The judge is actively questioning his SEC. good start. pic.twitter.com/hWwaBGcLOc

— All Street Wolves (@scottmelker) March 7, 2023

GBTC is A record discount to Bitcoin’s spot price, according to data from a monitoring resource, with its shares trading at an implied price nearly 50% lower than BTC/USD coin glass.

As with the ETF story, criticism remained.

“The approval of the GBTC spot ETF will drive down BTC prices and boost ETFs,” said statistician Willy Woo. claimed March 8th.

“The selling pressure on GBTC that has built up during the bear market (as reflected in the GBTC discount) will be released to the open market.”

Meanwhile, ARK owns 5.53 million GBTC shares and recently Exposure increased in November 2022, shortly after the FTX debacle happened. Decreased holdings by 500,000 shares in January.