ARK Invest Accumulates Coinbase Stock

According to the latest reports, it seems that Cathie Wood’s ARK Invest is accumulating Coinbase stock at a rapid pace. Check out the latest news about the issue below.

It’s been just revealed the fact that Cathie Wood’s ARK Invest is ramping up its acquisition of Coinbase (COIN) stock as the crypto exchange platform expands outside of the US.

New data from Cathie’s Ark, which is a platform that tracks the investment of ARK Invest, revealed the fact that the firm made three separate purchases of COIN on May 2nd that amounted to $7.35 million.

The day before, data shows ARK making three purchases worth about $8.4 million.

“The accumulation spree coincides with Coinbases’s recent announcement that it will be expanding its services to the world due to regulatory uncertainty in the US,” as noted by the online publication thr Daily Hodl.

The exchange said that it would grant institutional investors the ability to trade perpetual Bitcoin (BTC) and Ethereum (ETH) futures. It’s also important to note the fact that this would be happening under the new expansion.

“Coinbase launched Coinbase International Exchange and will begin by offering BTC and ETH perpetual futures settled in USDC (USD Coin) with up to 5x leverage to institutional clients in eligible jurisdictions outside of the US.”

A widely followed analyst believes that Bitcoin (BTC) is still on track to hit $40,000. This could reportedly happen despite the crypto king’s recent struggles to go above $30,000.

Pseudonymous crypto strategist Kaleo said recently that he thinks Bitcoin could first witness a sell-off event before rallying toward $40,000.

According to the analyst, Bitcoin will likely retest support at around $25,000 first before regaining its bullish momentum.

Regarding Ethereum (ETH), Kaleo thinks that the leading smart contract platform could also see a significant retracement alongside BTC.

We suggest that you check out the latest reports about the prices of these digital assets in our previous article.