US arc buys more coinbase stocks that have risen 20% this week | coindesk JAPAN | Coindesk Japan

Tech investor Cathy Wood bought Coinbase shares for the first time this year.

The company has 33,756 shares in the ARK Innovation ETF, which closed at about $1.45 million on Jan. 10, 2023, according to investor emails from Ark Investment Management, led by Wood. (about 200 million yen) was added.

The investment fund has been buying Coinbase shares in recent weeks. On December 14, 2022, it purchased 300,000 shares for approximately $12 million (approximately ¥1.59 billion), and on December 30, added another $5.5 million (approximately ¥730 million). ing.

(TradingView)

Coinbase’s stock price, along with the cryptocurrency market, began to show signs of recovery last week, rising 20% ​​week-on-week and 7.3% month-on-month.

Bitcoin (BTC) is also up 1.7% over the past month.

A Wall Street analyst said he may have been “encouraged” by Coinbase’s recent job cuts.

“The job cuts will allow Coinbase to maintain a guardrail against losses in the current challenging environment,” said Owen Lau, an analyst at financial services firm Oppenheimer. It reflects,” he said.

“Unfortunately, many crypto companies may not succeed, but Coinbase has a strong balance sheet, so it will be different.”

Coinbase shares are trading at $43.23 at press time. It is down about 80% in 2022 and 87% off its all-time high.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Cathy Wood (CoinDesk archives)
｜Original: ARK Makes Coinbase Buy as COIN Jumps 20% On-Week