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- ARK investment management CEO Cathie Wood said that she purchased $100,000 worth bitcoin when it was trading around $250
- ARK’s fintech Innovation find has added 10,880 shares of coinbase and it brought its holding of stock up to $60.5 million
- Wood called the probe “thesis risk” to coinbase at the time and maintained that ARK would be selling 1.1 million coinshare
ARK’s Fintech Innovation fund (ARKF) has added 10,880 shares of coinbase (COIN) to its holding which has brough its holding of the stock up to $60.5 million or roughly 8% of the fund weight.
Catherine Duddy Wood is an American investor and the founder CEO and CIO of Ark invest which is an investment management firm.ARK Investement Management LLC is an American investment management firm which is based in St. Petersburg Florida that also manage several actively managed exchange traded funds. It was founded in 2014.
ARK investment management CEO Cathie Wood said that she purchased $100,000 worth of bitcoin (BTC) when it was trading around $250 and she also added that she hasn’t sold any of that initial investment, meaning her current profit on that $100,000 bet would be around $ 7.6 million.
According to the reports Both Wood and ARK generally remain quite bullish on coinbase and crypto in general. Wood also called the probe a “thesis risk” to coinbase at the time and maintained that ARK would be selling 1.1 million coinshare , which she said was “very little”
Although the year has not been great for the crypto industry and Crypto winter has been crucial towards the crypto investors for over a year now and the value of many big cryptocurrency like Bitcoin and Ethereum has been continuously been falling .Some of the crypto investors have started to buy more and more bitcoins despite crucial crypto market.
Edward Moya who is a senior market analyst at foreign exchange Oanda said that
“I think you are seeing that more of the hodler money is starting to increase their exposure ad add to their position there is a chance that the crypto winter could be over
He also added that “The majority of wall street, especially hedge fund, are anticipating some pain in the stock market after the Powell’s remark, which could also be a hint as to hoe high the next interest rate hike could be.That in turn, could ‘weigh on crypto”. Moya said
According to the “ paying with cryptocurrency” surveys about 56% of consumers say despite the crypto winters and crucial crypto market still they are somewhat interested to buy cryptocurrency within the next year.
And not only that Nearly 42% of millennials say that they are either very or extremely likely to buy crypto in the next year. And for the same Gen Z the number decrease to about 26%
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
