Ark Invest Adds 997 Bitcoins (BTC) to Its Holdings in Two Separate Transactions

According to reports, Ark Invest has added 997 Bitcoin (BTC) to its holdings in two separate transactions.

According to reports by Arkham Intelligence, asset management firm Ark Invest has added 997 Bitcoin (BTC) to its holdings in two separate transactions. The purchases were made on Wednesday at the prevailing market prices, with the first installment of 498 BTC coming at a time when the cryptocurrency was trading at around $81,650.

Later in the day, Ark Invest bought another 499 BTC at a price point of $82,000, and at the same time, the firm also increased its stake in Coinbase by buying over 64,000 shares, which were valued at approximately $11.50 million at the prevailing market price.

The purchase marks Ark’s largest investment in Coinbase since August, when the firm bought about $6.7 million worth of shares. Coinbase now makes up more than 7% of the Ark fund, making it the fund’s third-largest holding, trailing only Tesla and Zoom.

Cathie Wood’s firm has been buying shares of Coinbase for years as part of a broader strategy to invest in companies that are benefitting from increased cryptocurrency adoption. The exchange’s stock has come under some pressure this year amid broader regulatory concerns.

However, Ark’s purchase suggests that it sees long-term potential in the exchange, which is known for its cryptocurrency trading platform and other Web3 initiatives.

Ark Invest has shown strong interest in Bitcoin and the cryptocurrency industry, even amid market volatility. The firm has been actively investing in digital assets, aiming to capitalize on long-term opportunities in the emerging sector.

This move comes as Bitcoin faces slight price fluctuations, with recent reports highlighting a potential factor influencing the cryptocurrency’s price movements.

As of Thursday, 15:50 GMT, Bitcoin was trading at $82,234, showing a 1.40% decrease in the past 24 hours.

Some analysts believe that Ark Invest’s purchase is a sign that the firm is expecting BTC to rebound in the coming months, while others suggest that the firm is simply buying the dips and getting the best prices available.

Regardless of the reason, Ark Invest’s institutional purchases of Bitcoin are sure to pique the interest of crypto traders, who will be watching to see if the firm continues to add to its Bitcoin holdings in the days and weeks to come.

The post noticed that the asset management firm, led by Cathie Wood, made the purchases through Coinbase. The total value of the acquisition is estimated at approximately $80 million.

According to a report by Benzinga, the purchases were made at a time when the crypto was experiencing slight fluctuations, with its price remaining relatively stable despite recent market volatility.

At the beginning of March, Bitcoin’s price dropped to $68,000, but it managed to recover quickly, and by March 7, it had reached the $77,000 mark.

At the same time, analysts noted that Bitcoin’s price has seen some recent volatility, which could be attributed to several factors, including macroeconomic uncertainty, regulatory concerns, and network activity.

However, Ark Invest’s decision to buy more Bitcoin suggests that it remains optimistic about the cryptocurrency’s long-term prospects.

The firm is known for its contrarian investment style, and it has been a net buyer of Bitcoin even when the crypto was under pressure.

Some experts believe that this latest move is a sign that ARK expects BTC to appreciate in the coming months, while others suggest that the firm is simply buying the dips and getting the best prices available.

Ultimately, only time will tell what Ark Invest’s plans are for its Bitcoin holdings. However, the firm’s large-scale purchases are sure to pique the interest of crypto traders, who will be watching to see if the firm continues to add to its Bitcoin holdings in the days and weeks to come.

The post noticed that asset management firm Ark Invest has added 997 Bitcoin (BTC) to its holdings in two separate transactions, according to Arkham Intelligence.

The purchases were made on Wednesday at the prevailing market prices, with the first installment of 498 BTC coming at a time when the cryptocurrency was trading at around $81,650.

Later in the day, Ark Invest bought another 499 BTC at a price point of $82,000, and at the same time, the firm also increased its stake in Coinbase (NASDAQ:) by buying over 64,000 shares, which were valued at approximately $11.50 million at the prevailing market price.

This purchase marks Ark’s largest investment in Coinbase since August, when the firm bought about $6.7 million worth of shares. Coinbase now makes up more than 7% of the Ark fund, making it the fund’s third-largest holding, trailing only Tesla and Zoom.

Cathie Wood’s firm has been buying