.ARKInvest's Ark Innovation ETF bought 78,982 shares in cryptocurrency exchange Coinbase, increasing its holding by around 1.4%. By JamieCrawleyCD
, the purchase would have cost about $3 million. The stock has been in a funk in recent months, and is down almost 60% from $98 in early August. holding to 5.7 million COIN shares. That puts the purchase on the small side – increasing the ETF's exposure by 1.4%.
It suggests the investment firm still sees bullish signs for the crypto sector, though may be opting for a cautious approach while the dust settles on a rocky period.owing to the steep price drops in cryptocurrency prices and knock-on effects across the sector from multiple bankruptcies of large firms, such as rival exchange FTX.
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