ARK Invest purchased 269,928 shares in Coinbase on March 23, only two days after it sold $13.5 million, its first sale of Coinbase shares this year.
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ARK Invest purchased 269,928 shares in Coinbase on March 23, only two days after it sold $13.5 million, its first sale of Coinbase shares this year.
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Cathie Wood was impressed that Bitcoin “moved in a very different way” compared to the equity market in response to the recent banking crisis.
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Bitcoin’s rebound in 2023 has also seen Coinbase stock gaining over 100% year-to-date, boosting Cathie Wood’s ARK portfolio.
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The hedge fund manager instead wants to see an “inflation-linked coin” be brought to the masses which would serve to ensure consumers secure their buying power.
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The crypto and innovative tech investment firm is confident that inflation will fall and the Fed will pivot in 2023.
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Market uncertainty calls for an opportunity to take advantage of disruptive innovation which has historically “gained share during turbulent times,” says ARK Invest CEO.
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BTC price action is suffering from FTX, but decentralized blockchains are “as strong as ever,” says ARK Invest.
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ARK Invest scoops up bargains as Coinbase shares hit all-time lows and GBTC trades at a near-50% discount to the already suppressed Bitcoin spot price.
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