Coinbase Global shares rose in pre-market trading on February 18. Cathie Wood’s ARK Invest purchased 41,453 shares on Tuesday. The transaction totaled approximately $6.9 million.
This acquisition marks a reversal for the firm, which sold portions of its Coinbase holdings earlier in February. ARK distributed the purchase across three exchange-traded funds. The flagship ARK Innovation ETF (ARKK) received the largest portion of the shares.
Retail sentiment on platforms such as Stocktwits turned extremely bullish following the disclosure. The stock gains occurred despite the price of Bitcoin remaining relatively flat.