• Cathie Wood, the head of Ark Invest, has been buying Coinbase stocks for the past three days.
• Coinbase reported a revenue of $605 million in Q4 and the Federal Reserve’s preferred inflation gauge increased by 4.7%.
• Ark Invest purchased 150,192 shares of Coinbase stock this month and Cathie Wood is optimistic about their future prospects.
Cathie Wood Buys Coinbase Stocks
Investment management company Ark Invest, headed by Cathie Wood, has been on a buying spree with Coinbase stocks over the past three days. On February 24th when U.S Core PCE inflation came in higher than expected at 0.6%, prices for the cryptocurrency exchange dropped to $58 per share and Ark Invest bought 150,192 shares. This acquisition was spread across both ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW).
Coinbase Reports Strong Earnings
Coinbase announced overall revenue of $605 million in Q4 profits which surpassed market predictions of $588 million. In light of these earnings, Cathie Wood appears to be optimistic about her holdings in Coinbase stock recovering from its recent losses. The company also recently released its Basic Layer-2 blockchain which is likely another factor that has encouraged her faith in it as a long term investment opportunity.
Ark Invest Acquires Over 700K Shares
So far this month Ark Invest has purchased 722,942 shares of Coinbase (COIN). The highest stock buy occurred on February 22nd where 215,519 shares were acquired followed by 63,585 on February 23rd and ending with 150,192 on February 24th making up the total amount invested so far this month into the crypto exchange platform.
Positive Outlook On Crypto Exchange
Cathie Wood’s purchase of Coinbase stocks demonstrates her positive outlook on the cryptocurrency exchange despite current macroeconomic conditions such as inflation caused by global pandemic restrictions still being felt throughout multiple industries worldwide. Her faith that her holdings will eventually recover from their recent losses is likely based upon further developments such as new products or services offered through Coinbase or similar platforms within the industry as well as any potential increase in interest sparked due to an improving economic situation globally over time..
Conclusion
All things considered it appears that Cathie Woods’ faith in cryptocurrencies remains strong and she believes investing now will pay off later despite current circumstances impacting other markets negatively at present time . With more than 700k shares already purchased this month it looks like she will continue to back them financially speaking for some time to come yet!