Cathie Wood’s Ark Invest is on a dip-buying spree, adding a total of 296,578 Coinbase shares to the firm’s exchange-traded funds this week. The purchase is valued at around $11.2 million on Friday.
COIN is trading near all-time lows, with the company 84.87% lower year-to-date. Ark Invest is one of the most significant shareholders of Coinbase, according to Bloomberg data, holding a 4.3% stake as of September 30.
FTX contagion, along with a dramatic protracted bear market, continues to wreak havoc on shareholder sentiment and user activity. Crypto markets are down more than two-thirds from record highs, according to Messari, with both bitcoin and ethereum slumping 75% since the market’s peak in November of 2021.
“Last year in 2021 we did about $7 billion of revenue and about $4 billion of positive EBITDA, and this year with everything coming down it’s looking, you know, about roughly half that or less,” Armstrong said in an interview on Bloomberg’s David Rubenstein Show: Peer-to-Peer Conversations.
