Ark Invest Defies Market Dip with $5.5 Million Coinbase Purchase

Thursday, ark invest purchased 158,116 shares of coinbase (coin) worth almost $5.5 million. the purchase was allocated to the ark fintech innovation etf (arkf). this was ark’s largest purchase of coin since december 14, when the firm purchased 5,000 and 23,509 coin on december 22 and december 23, respectively. the purchase came after coinbase shares fell to an all-time low of $31.86 per share on december 28, and the stock has plummeted by more than 86% this year.

Bank of america fund manager survey reported cash levels have not been this high since the 9/11 crisis in 2001, while the cboe equity put-to-call ratio hit a record 2.4 on wednesday. ark ceo cathie wood shared her year-end message to investors, stating that “fear of the future is palpable these days, but crisis historically has created opportunities.” wood believes that tech innovation strategies will be prime beneficiaries when equity markets recover, and the firm is pursuing a long-time dip-buying strategy.

Stated that the tech crash and financial crisis “were terrific opportunities” to invest. the cboe equity put-to-call ratio is an indicator of market sentiment, with a high ratio suggesting the market may be overly bearish and a low ratio suggesting a bubble is forming. wood believes that ark invest’s dip-buying strategy is a prudent way to capitalize on the current market conditions and take advantage of the long-term opportunities.

https://decrypt.co/118165/cathie-woods-ark-invest-buys-dip-scoops-up-5-5m-coinbase

By Evey Lovelace

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