ARK Buys $2.5 Million in Coinbase Shares as COIN Continues Rally

Cathie Wood’s crypto conviction continues as ARK made another Coinbase (COIN) buy Thursday.

Coinbase is now the 12th-largest holding for the ARK Innovation ETF (ARKK), behind CRISPR Therapeutics and game engine developer Unity, taking up 3.87% of the fund’s weight. Overall, ARKK has a cost average of $254.65 for COIN.

COIN is currently trading at $47.55, up 8.6% on-day, or 23% during the past month. Analysts are predicting a mean price target of $61.46, according to data compiled by FactSet.

Barclays analyst Benjamin Budish said in a recent note that «next year is likely to remain challenging» for Coinbase, but «rising rates are set to be a material tailwind.”

Recently, Coinbase announced a big expansion of its European operations as a pillar of growth for 2023.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

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