.arkinvest bought $2.5 million in coinbase shares on Thursday as COIN continues its rally. thesamreynolds reports.
Cathie Wood's crypto conviction continues as ARK made another Coinbase buy Thursday.
Coinbase is now the 12th-largest holding for the ARK Innovation ETF , behind CRISPR Therapeutics and game engine developer Unity, taking up 3.87% of the fund's weight. Overall,COIN closed at $47.55, up 8.6% on-day Thursday, or 23% during the past month. Analysts are predicting a mean price target of $61.46, according to data compiled by FactSet.
Barclays analyst Benjamin Budish said in a recent note that"next year is likely to remain challenging" for Coinbase, but"rising rates are set to be a material tailwind.”Corrects to say that Coinbase shares closed on Thursday at $47.55, not that they are currently trading. The U.S. markets were closed at time of publication.
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